As a business owner, you are exposed to certain risks starting from the first day of business. A lawsuit or catastrophic event could mean the end of your small business. Thankfully, there are many types of insurance that protect business owners from such dangers and risks.
Professional Liability Insurance
Professional liability insurance protects a business against negligence claims due to bodily injury caused by mistakes or failure to perform. Professional liability coverage is applicable to any professional firm offering professional services.
General Liability Insurance
General liability insurance is necessary for every type of business, whether a home-based small business or commercial office. This type of liability coverage provides protection if you, your employees, or your products or services cause or allegedly cause bodily injury or property damage to a third party.
Public Liability Insurance
Business owners are responsible for looking after employees, customers, suppliers, vendors, and anyone else related to the business. Public liability insurance covers legal costs and compensation costs if a member of the public, a supplier, or any other third party files a lawsuit against you for negligence resulting in bodily injury or property damage.
Like all insurance policies, public liability insurance policies have exclusions, such as not covering an injured party if they are a worker, punitive damages to claimants, and product recall. Business owners can compare public liability insurance from a range of insurance companies with iSelect.com.au. This site can help to find the right liability insurer for your needs. The best way to protect your business from public liability claims is to carry the right amount of public liability insurance coverage for the size and type of business you run.
Property Insurance
Any business owner who owns or leases their business premises needs to carry property insurance. This type of insurance protects equipment, signage, inventory, fire, storm, break-in, or if there was an incident where your glass storefront doors got damaged. The results of property damage can be covered with standard property insurance. However, catastrophic weather events are considered exclusions in standard property insurance policies.
In the case that your business’ building is subject to a random drunken street fight one night and your windows or doors get smashed, aluminum doors can be made with insulated or safety glass for extra strength. Each commercial storefront door ships presorted to storefronts across the U.S. for fast and easy installation to save you time and money. Whether your commercial door has been damaged or it’s time to remodel your entryway, a storefront glass commercial door is a great way to make your business stand out and stay safe.
Workers’ Compensation
Workers’ compensation is a type of insurance that provides wage replacement and helps with medical costs to workers injured on the job. Under workers’ compensation, an injured party gives up the right to raise a lawsuit against the business owner. It’s a legal requirement in the United States for business owners with W2 employees to carry workers’ compensation.
Data Breach
Data breach insurance is a good idea for businesses that store sensitive or non-public information about employees or other third parties on electronic or paper files. A data breach policy provides protection against the loss of sensitive information if a breach occurs.
Homeowner’s or Renter’s Insurance
Small businesses often base their business operations in their own homes. Homeowner’s and renter’s insurance can protect your home and contents from property damage, as well as any personal injury due to your own negligence. Neither type of insurance covers a home-based small business the same way that commercial property insurance does. It’s a good idea to seek additional insurance that covers business operations equipment and inventory.
These are just some of the types of business insurance you need to protect yourself from the risks and dangers of running a small business. No matter what size or type of business you operate, business insurance is essential to protecting your daily business operations.
