Insurance Every Business Owner Must HaveAs business owners, we have a lot riding on us. We have to see to it that our customers are happy, our employees are well taken care of, that our investments are intact in case we are faced with unexpected situations – everything to make sure that our businesses continue to prosper. And yet, it’s estimated that 40% of small business owners do not have business insurance.

Because we wouldn’t want all our efforts to go to waste, obtaining business insurance should be a no-brainer. And a wise business owner should consider the following, depending on the type of business he or she owns.

  • General Liability Insurance: Purchasing general liability insurance will help protect your business from claims that you, your products or your employees have caused damage or injury to customers or other third party individuals.
  • Professional Liability Insurance: This protects you from complaints alleging that you were unable to properly render services expected of your business or, worse, failing to do so at all.
  • Commercial Property Insurance: Having commercial property insurance means that you will be able to have company property (real estate) insured in the likelihood of fire, vandalism and natural disasters that leave your location and/or equipment in disrepair.
  • Commercial Auto Insurance: You may also buy a separate policy for the vehicles you use for your business. If you don’t use company vehicles and your employees use their own instead, make sure to get non-owned auto liability.
  • Worker’s Compensation: This will prove highly beneficial for when employees get injured while on the job. Employees won’t feel the need to sue and employers get to avoid legalities, provided that employees receive wage replacement and have medical their expenses covered.
  • Directors and Officers Insurance: Large scale companies can protect directors and/or officers should they find themselves in legal complications as a direct result of their own actions by covering for costs and damages paid in lawsuits.
  • Data Breach: A policy for data breach is useful in protection against loss for when private information about a company’s client or employee is somehow disclosed to a third party. A perfect example of data breach is Target’s recent breach where a hacker stole customer credit card information.
  • Business Owner’s Policy: Instead of purchasing a variety of several insurance plans, a business owner can actually bundle up services by BOP. It can be customized, depending on the company you own, and it can save you some money.
  • Home-Based Business Insurance: A business owner can also get compensation for home-based business losses. These losses won’t be covered in a typical homeowners insurance policy, so you will have to get purchase additional policies if you’re business is stationed at home.