It can be difficult to know where exactly you need to protect your business. There are lots of different insurance brokers who are trying to sell all different types of insurance to cover many different aspects of your business. There are some obvious insurance programs that many business owners buy- however, there are many useful insurance contracts that could be useful to you, depending on your business. Here are some types of business insurance you may not have considered yet.
Professional Indemnity Insurance
PII helps to protect your business practice when things don’t exactly go as planned. For example, a client may claim there has been a fault with the service you have provided, or that the product you have sold to them doesn’t work. They might then file a negligence claim against your company. This insurance would help to protect your company in case of this. It would cover legal fees and compensation fees if the negligence claim is taken to court. This insurance is incredibly useful if your company provides a service.
Commercial Building Insurance
There are many ways to set up premises for the operations of your business. Many people rent a newer building for their company, however, many manage to turn an older building into thriving business premises. Either way, you should consider getting commercial insurance. This insurance covers the event of a flood or fire that renders your office space unusable. This is invaluable for protecting against unexpected situations which may hinder your business. Partnering with a company that offers commercial insurance in Santa Ana, or elsewhere more applicable, ensures comprehensive coverage for income loss and damage repairs.
Public Liability Insurance
There have been many claims against businesses by people who claim that their homes have been damaged due to a business’s operations. Some people can also claim that they have been injured as a result of your business. PLI would protect you against these claims, covering legal fees or any payout that would occur as a result of the claim.
Cyber and Data Insurance
As businesses start to use computer systems more, this insurance could be incredibly useful when protecting your business. Data loss can happen in many different ways and could be catastrophic for your business. Furthermore, scammers unfortunately target businesses to get their data and steal money from you and your clients. If you fall victim to a cyber attack, this insurance would protect your company from the losses of such an attack. Protecting yourself against hackers will only become more important as the internet and business become more intertwined.
Tool Insurance
If you’re a tradesperson running a business, such as a plumbing or an electrician business, you might want to consider tool insurance. This insurance would cover the industry-specific tools that you and your employees use. Unfortunately, because these tools are often expensive, they are a target for thieves. There also is a likelihood of these tools being lost or damaged. By getting this insurance, you could save your company a lot of money.
Credit Insurance
Credit insurance brokers offer plans which protect your business if customers who owe you money for your services or products refuse to pay their debts. Unfortunately, this is quite common in the world of business. They will usually cover two types of risk- commercial risk and political risk. Commercial risk cover will protect you in case your customer claims bankruptcy. Political risk is when events such as war or earthquakes prevent your client from being able to pay. This insurance can help your business even if the unexpected happens.
Make sure you know how to best protect your business insurance-wise so that your business can recover when the inevitabilities of life happen. There are many different types of business insurance that can massively help your company- make sure you consider all the options when setting up your business.