Five Types of Business Insurance

Commercial property and casualty: When you run a business out of any type of commercial property, your company faces the potential for loss in the wake of an unfortunate incident. Everything from fires to floods and tornadoes to vandalism can damage or destroy a commercial property. Commercial property business insurance protects your company's commercial property assets.

General liability insurance: General liability business insurance is a key coverage option to carry whenever you run a business. This type of insurance product protects against lawsuits in the event that a customer is injured on a property that your company owns, leases or operates. Without general liability business insurance, your company may face thousands, hundreds of thousands, or even millions of dollars in damages in the event of a lawsuit.

 

Product liability insurance: If your company produces any type of product, product liability insurance is often a wise investment. Through this type of insurance, your company is covered in the event that one of your products injures a customer, whether physically or through property damage.

 

Professional liability insurance: In providing a service, you typically are expected to sign and fulfill a contract. In some cases, however, a disagreement may arise after a contract has been signed and while the service is ongoing. A client may feel that you have not provided complete details as to what you will or will not do. As a result, a lawsuit may arise, and this is where professional liability insurance can come in handy. Think of professional liability insurance as protection in the event that errors or omissions have occurred when drawing up a contract or when carrying it out.

 

Worker’s compensation insurance: In order to keep your business moving and growing, you need to ensure a safe work environment. Unfortunately, accidents can happen, and when they do, injured workers can lead to serious financial trouble for your company. On top of that, failing to provide workers compensation insurance benefits may lead to negative word-of-mouth advertising for your company, or worse, serious legal ramifications. Keep in mind that it is a requirement to keep workers’ compensation insurance in virtually every corner of the U.S. for businesses that employ more than a single professional.