Insurance is a safeguard for your business, and it's always a good idea to have coverage in your business plan. With that said, there are some risks you might not be thinking of. One risk: your business data.
Types of Insurance
There are a few different types of insurance that businesses can purchase to protect themselves from potential losses. Below, we’ll discuss each type and outline the benefits and considerations for helping you safeguard Your Business with Insurance.
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Damage Insurance: This type of insurance covers losses due to accidents or other causes, such as theft or vandalism. It typically has a minimum deductible, so businesses with higher exposures may want to consider adding this type of coverage.
Property Insurance: This type of insurance covers the value of property owned by your business. Unlike damage insurance, which only covers physical damage, property insurance also includes losses caused by natural disasters like floods or earthquakes.
Business Auto Insurance: This type of insurance covers the cost of repairs if your business’s vehicle is damaged or destroyed while on the job. The coverage typically applies to both personal and commercial vehicles.
What Kind of Insurance do You Need?
Business owners need to be aware of the different types of insurance their business needs, and what kind of coverage is best for their company.
Insure your assets: A business’s most important asset is its equipment and property. Protect these assets with a policy that covers loss or damage caused by fire, theft, vandalism, wind or hail, and more.
Protection from lawsuits: If something goes wrong at your business, you may be liable for damages sustained by another party. Have your business insured to protect yourself from potential legal action.
Employees are your business’s biggest asset. Take steps to protect them by insuring them against injury or loss while on the job.
Cover your customers: Make sure that you have enough liability insurance in case something goes wrong and somebody is injured as a result.