6 Main Types of Insurance for Business Protection
Right after you start a new business you need to understand, that you will be exposed to some kind of risks until it operates. This is why to stay on the safe side you need to always get insured from all possible hazards and problems. In this article we collected seven main kinds of enterprise insurance plans that will be of great use.
1. Professional liability insurance
This is the primary type of business insurance that you need to apply for. Experts explain that once you get this business insurance, it will cover your company or the whole business, depending on the package you choose, against any kind of negligence claims that could have been caused by mistakes or failure to perform properly. In this case you will not find one-size-fits-all policy because every company is different. In this case it is highly advised to consult a broker.
2. Property insurance
In case you have a property or rent one, it is literally vital to ensure that it is covered. Property enterprise insurance will cover not only the space itself but you’re your equipment, inventory, signage, and furniture in case of a fire, storm, and even theft. However, be ready that most frequently property insurance will not cover mass-destruction events such as earthquakes or floods. If your business is in the area prone to such events, inquire about specific insurance type for your area.
3. Workers’ compensation insurance
After you get your first legal employee in office, it is better to think about worker’s compensation insurance. This business insurance will cover any medical treatment, disability, and even death cases of your employees and will cover all required spends related to these cases. But, of course, the condition for this insurance to work, as Toronto insurance brokers explain, is for all those misfortunes to happen at a work place.
4. Home-based businesses
Today most people start their companies at home, for this reason Toronto insurance brokers advise getting additional coverage. Standard homeowner’s insurance will not help you should anything happen, so consider getting home-based enterprise insurance to cover any equipment and inventory.
5. Product liability insurance
You never know what people may do with your product and what the consequences are. For this reason product liability insurance will be in hand if you do not want to be responsible for any stupid actions of your clients and customers.
6. Business interruption insurance
If there are some events happening in your area and you have to interrupt your business operation due to them, then business interruption insurance will be of great use. In this way you can ensure to get reimbursement for the lost operational days as your workers will not be performing their duties and your clients will not receive their orders. Expert Toronto business insurance brokers advise to get this type of enterprise insurance to businesses that are connected to some physical location.
With the help of these six basic business insurances you can feel safe and protected from any loses your growing business may face.
Guthrie Insurance Brokers Ltd
505 Consumers Rd