What Type of Insurance Does My Business Need?

What Type of Insurance Does My Business Really Need
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Not sure what kind of insurance to get for your business? There are many options to consider. Choosing the best policy for your company should not be taken lightly, you don’t want to be hit with a claim that you can’t cover.

Learn more about options to cover your business below.

General Liability Insurance

General liability insurance is extremely helpful in covering any business. This insurance would cover the costs of claims that are made against your business for bodily injury, property damage, and damage to someone else’s property.
An example of general liability insurance would be if a client or customer slips and falls while on your property and files a claim for the costs of their medical treatment—general liability could cover those costs.

Professional Liability Insurance

Professional liability insurance covers the costs of claims that are filed against your business because of committed errors in products or services provided. It is common for employees and owners to make mistakes—professional liability insurance can help you rest easy knowing that you are covered no matter what happens. For example, if your company is a tanning salon and an employee accidentally uses a stronger dose, causing a client to turn bright orange—the client could potentially file a claim for the committed error. Profession liability insurance would cover this claim.

Small Business Insurance

Small business insurance helps to cover the costs of property damage claims and liability claims. In some cases, small business insurance can also provide coverage for lost income if your business is for some reason temporarily unable to operate because of an incident that is covered. Depending on your policy, small business insurance can provide different kinds of coverage. Usually, this type of insurance can be tailored to fit the needs of your business—you can add extra protection that your business will actually use. For example, if your business is in a location that would make it vulnerable to flooding, it may be helpful to invest in commercial flood insurance to help cover the cost of potential damage in the event of your business property being flooded.

Workers’ Compensation Insurance

Workers’ compensation insurance covers benefits to employees who have sustained a work-related injury or illness. In the unfortunate event that an employee dies due to a work-related event, workers’ compensation would cover any costs owed to the family of the deceased. There can be many costs associated with a workers’ compensation claim—anything from income to medical bills to funeral bills.

Business Income Insurance

Business income insurance provides covered if income is lost during a temporary shut down of your business because of an incident that is covered.

Commercial Umbrella Insurance

A commercial umbrella insurance policy will extend your coverage from your liability insurance policy. If you have a claim made again your business that is outside of your primary coverage, an umbrella policy may cover excess liability costs. It’s alike a financial safety net for whatever may come up.

For more options for business insurance, contact us at Bear River Insurance.

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