What Are The Types Of Insurance A Business Owner Needs To Have

by Anna Rose Blogger

It is widely agreed that having the right insurance policy, and the amount is a necessity for a business owner. It protects him from damages and hassles that might come up in the future. However, business insurance is more of a general term because it is not like there is just one type of insurance that every business owner needs to have. There are more than twelve types of insurance that a business might have to protect itself from future distress. Here is a brief overview of a few important types of insurance that a business needs to have.

General Liability Policy

A business, even the ones that are home-based, needs to purchase general liability policy. This is the policy that offers both damages and defense if your employees, your services or products, or you are alleged to have caused or cause property damage or physical injury to any third party.

Property Insurance

If you are the owner of the building or have properties like tools, computers, and inventory, then this is the insurance you need to buy. This policy will keep you covered if you face unfortunate incidents like smoke damage, fire, theft, vandalism, and so on. You might also get business interruption insurance as a part of your policy for protecting your earning when your business is non-operational.

Business Owner Policy

Business owner policy covers most of the insurance needs of a business. This policy usually includes crime insurance, business interruption insurance, vehicle coverage, liability insurance, and property insurance. You can alter the policies that are under this insurance based on the needs of your company. Business owners usually save money by purchasing business owner insurance because the bunch of services ends up costing less than individual policies.

Worker’s Compensation

This policy is all about compensating the employees who have got injured at work. It includes medical benefits and wage replacement for those who have been physically hurt on the job. The employee cannot sue his employer if he is being compensated under this policy. Penalties for not complying with the terms of worker’s compensation can be quite high, so it is better to know about the details of the insurance beforehand.

Professional Liability Policy

This kind of business insurance ensures damages and defense for improper rendering or failing to render professional services. Professional liability policy is there for technology providers, hair salons, insurance agents, real estate agents, accountants, and more. If you want desire to secure your venture, then get in touch with the agents of Eugene C Yates Insurance Agency.

Make sure you research more about each of these policies before you apply to avail of any of these for yourself. It is important to get in touch with a good company that can guide you in the right direction.

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Created on Feb 22nd 2020 23:12. Viewed 527 times.

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