Every business comes with risks, which includes possible property damage and other liability claims. If your small business is not ready to pay out-of-pocket for these unavoidable challenges, small business insurance could be your way to go. Many types of insurance could be helpful for your business. Here are some of the policies small businesses need in particular:
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General Liability Insurance for Almost All Types of Damages
This insurance is the most common among small businesses. If ever your business comes across problems with property damage or injuries within your premises, general liability coverage can help you deal with them. This insurance can cover their medical treatment and other damages.
General liability insurance comes with different inclusion. You can talk to your insurance provider on how you can customize it, but another idea is to add product liability insurance. It would protect your business if the products you sell suddenly result in bodily injury or property damage claims.
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Commercial Property Insurance for Your Property
Accidents and natural disasters could also impact your business. When a storm leaves your property devastated, the insurance company can cover the repairs. This insurance coverage is also applicable for any damage that your business tools and equipment incur as an effect of this disaster or accident.
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Business Income Coverage for Your Temporarily-Closed Days
There are instances when you might need to pause your business for a while. The pandemic was a good example of this. Many companies and businesses were forced to close temporarily to flatten the curve. During such moments, business income coverage can take care of the lost income for your business. Your policy might even allow you to provide salaries to your employees for a specific period.
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Professional Liability Insurance for the Professional Mistakes You or Your Business Made
No one is perfect. No matter how careful you are, accidents and mistakes can happen. If this occurs in your workplace and you face legal costs, this insurance would cover the damages for you.
Suppose you are a plastic surgeon who got sued by your patient or an accountant who committed a mistake in your client’s annual report. In these cases, professional liability insurance can take care of any expenses incurred in these scenarios.
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Worker’s Compensation Insurance for Your Employees
When an injury or sickness happens to your employees due to the job, you have a responsibility to help them. The majority of the states in the US require this type of insurance for any business. This could help your employees and your company provide for their needs while recovering from the injuries and other medical bills.
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Data Breach Insurance for Your Data and Reputation
A data breach is one of the most expensive damages that your business can have. If you have a database in your business that contains personal data about your customers, consider getting this type of insurance. Businesses that handle sensitive information are prone to online attackers and hackers. If they successfully breach your security, you’ll need to recover your data, address its effects on your clients, and pay for legal fees involved.
Conclusion
Businesses will face some serious problems in the future that impact its financial stability. As such, it is important to have insurance in case such incidents happen. However, choosing all available options for a small business is not always the most practical solution. You need to study your options carefully to find the perfect solution for your needs.
For different types of business insurance, Quesurance Group can help. Whether it is flood insurance in Florida or commercial insurance, we can reduce your risk while protecting your families and your financial future. Contact us to learn more about how we can help you.
