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The Types of Business Insurance Every Business Owner Should Consider

The Types of Business Insurance Every Business Owner Should Consider

Did you know that 66.5% of bankruptcies among Americans were related to medical issues, as in, they didn’t have enough health insurance to cover all their medical bills? When you extrapolate this over to businesses, the situation becomes even more dire.

What would happen to your business if you, as the primary asset, weren’t able to work anymore? Would your business grind to a halt? Wouldn’t it be better if you had different types of business insurance in place to protect yourself and your business?

Read on to see the important kinds of small business insurance you need to have.

Business Liability Insurance

There are many different liability business insurance types that you can get for your business.

  • General liability insurance – pays out to others in case of a liability issue
  • Product liability insurance – pays out to others in case your product causes them harm
  • Professional liability insurance – pays out to others if sued for negligence
  • Cyber liability insurance – pays out to your company and others if cyberattacked
  • Commercial crime liability insurance – protects against losses due to third-party fraud
  • Carrier legal liability insurance – protects you against losses when goods are in transit

Liability insurance gives you the peace of mind that you deserve as a small business owner. You don’t want to wake up in the middle of the night worrying about what would happen to your business if you were stuck in a long and drawn-out lawsuit over your products or something else. Learn more about business liability insurance here.

Key Person Insurance

If you have an executive or some other key person in your business that your business relies upon heavily, then this is great insurance coverage to purchase. This is only if the death of the key person would be devastating for the company’s future.

As a small business owner, who’s probably wearing a lot of different hats, and running several aspects of the business single-handedly, you should think about getting key person insurance for yourself.

Worker’s Compensation Insurance

When you have employees working for you, worker’s compensation insurance is a must. It protects you from lawsuits if your employee has a slip and a fall, or some other injury. And this insurance pays out to your employees in case they can’t work any longer due to mental health issues or a disability due to an injury at work.

Don’t skimp on this insurance. You will be grateful you got it.

Many Different Types of Business Insurance Out There

The insurance industry is quite savvy and has created many different types of business insurance to serve your needs. Do a bit of research and figure out which small business coverage would be appropriate for you to purchase. You don’t need all of them, of course.

Also, keep browsing through our website for more interesting reads such as this one. More actionable knowledge is always a boon for a small business owner like you.

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