Regardless of where you conduct business, getting property insurance is important. This coverage typically covers your inventory, computers, and equipment used for your businesses. It may also cover theft, fire, and vandalism.
Coverage for the damages resulting from natural disasters (e.g. flood or earthquakes) is usually not covered by most policies. For these instances, you may have to pay additional costs for coverage.
Commercial Auto Insurance
At some point, growing businesses would need transportation and commercial vehicles can be costly. Thus, getting commercial auto insurance should be considered.
But if your employees drive their own vehicles, you might want to consider getting a non-owned auto liability insurance. This protects your business if the employee is uninsured or underinsured.
General Liability Insurance
General liability insurance helps protect business owners when their product or service inflicted harm or damage to a customer. This typically covers property damage, injury, medical costs, libel, slander, legal fees, and settlement bonds.
Product Liability Insurance
Product liability insurance is similar to general liability insurance as it protects businesses that sell products that may cause harm or injury due to defects. Even companies that are too careful that their product is up to the standards are at risk for faulty products especially when they’re mass producing.
Even if it’s only one faulty product out of thousands, there’s still a risk for lawsuits. That is why you should strongly consider this type of liability insurance.
Cyber Liability Insurance
In this digital age, we store information about our business digitally. Cyber liability insurance protects business owners from breached data. This type of insurance should be strongly considered especially by those that own a savvy business.
The different types of insurance coverage usually have its limits. Thus, it would be wise for business owners to get an umbrella policy to cover the expenses in excess of a claim. While it’s costly, business owners who can afford it will surely gain peace of mind.
There are other specific types of business insurance out there. But those mentioned above are the coverages that business owners should strongly consider.
Still confused about what you’re going to get? Western Pacific Insurance is willing to help you. We offer business insurance that meets your company’s needs. We have a list of insurance carriers that offers competitive rates to choose from. Get a free quote from us now and discuss your options with us. Call us at (702) 932-3105 or visit us at our office today.