You are starting your own business and you keep hearing phrases, such as professional liability insurance thrown around. People tell you to get liability insurance for business quote and you wonder if you should ask them where to get it. You can stop worrying now because after reading this you will know which type of insurance you need to buy for your business. The need for business insurance will remain the same for businesses of all sizes. However, due to the different aspects of each business, the size of insurance coverage might differ. Here is what you should consider buying:
Workers’ Compensation Insurance
You are legally required to have this type of insurance. If one of your employees becomes injured or falls ill while on the job, then this can help protect them. This insurance will ensure they are compensated for the money that they spend on getting medical attention. It will also cover a part or all the wages that the injured/sick employee will be missing due to being incapacitated.
If you think that since you run your business out of your home, then you won’t require property insurance, you need to rethink that! It does not matter where you work from because property insurance is important for a business. It will extend coverage to the things that you use while running the business, such as computers, tools, equipment, etc. Moreover, it will also cover the things that you might need in case of an emergency, such as fire extinguishers.
Cyber Security Insurance
If you are a firm that is involved in handling your customer’s data, then their personal details are being saved on your servers. It could be their names and where they live or other sensitive information that must be kept secure at all costs. If that is so, then a data breach or a hacking incident could be very bad news for your business! In order to keep that from happening, you will require a specialized kind of insurance i.e. cyber security insurance. Protect your business from the fallout that would be associated from such an event.
Depending on which industry your business is a part of, you might be requiring an insurance policy that is specific to that industry. Included in this category are tailored policies towards contractors, HVAC insurance etc.
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