If you’ve just opened your own business or are considering doing so in the future, then it’s important to know what kinds of insurance coverage you will need to protect yourself and strengthen your business. From protection against liability claims and natural disasters to risk management, here are some types of insurance you may want to consider.
General Liability
Liability coverage is one of the most important types of coverage since it protects you against legal issues and the large expenses that can come with them. Examples of costs that would be covered under liability include those related to malicious prosecution and slander or advertising issues like copyright infringement. In the case of an accident, liability coverage also covers medical costs.
Property or Income
Commercial property insurance is required to cover costs related to accidents, like fires or natural disasters, such as floods. It can also cover items within your business, such as furniture, important papers and equipment, and protect against theft. Income insurance can similarly help you cover costs related to theft or damage. If an incident interferes with the operation of your business and prevents you from generating revenue, income coverage will help you get back on your feet.
Nontraditional Insurance
If you own a unique business that comes with a lot of risks, you may have a difficult time finding coverage with commercial companies. In this case, you can consider joining a captive insurance company, which is essentially owned by its insureds. Coverage under captive insurance can be broader and less expensive. Another reason you may want to use this option is if you simply want to have more control over your risk and cash flow in order to strengthen your business.
Being an entrepreneur takes a lot of time and effort, so be sure to protect your hard work and keep your business running efficiently. Talk to an expert to figure out the best insurance plan for your small business.
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