The Different Types of Coverage for Your Business

Why do you need coverage for your business?

Here’s why: in the business world, there’s, unfortunately, a multitude of things that could go wrong daily.

Regardless of your company’s commitment to safety and caution, even the most experienced employees could make errors or cause accidents.

Furthermore, many incidents, such as severe weather events, may be out of your business’s control.

Given these harsh realities, planning for difficult times and establishing adequate loss control measures is essential. Fortunately, various types of business insurance can provide stout financial protection.

What Types of Insurance Should Your Business Have?

Business insurance is a common term in the insurance world and typically refers to the various coverages and policies retained by commercial enterprises to protect their financial interests and assets.

It’s important to note that the contents of an adequate business insurance package may vary significantly even among companies in the same industry or that otherwise appear to have similar coverage needs.

When assembling your company’s business insurance, it may be helpful to start by familiarizing yourself with the following frequently needed types of policies:

• General liability insurance can cover third-party losses for which your company is at fault, including bodily injuries, property damage and personal and advertising injuries. For example, if one of your employees starts a fire that spreads to a neighboring property, general liability insurance may limit out-of-pocket losses.

• Commercial property insurance focuses on financially protecting your company’s physical assets, such as furniture, inventory, equipment and structures. In response to incidents such as fires, vandalism and some natural disasters, this type of coverage may help you manage repair or replacement costs.

• Business interruption insurance, also known as business income insurance, can assist with financial losses and ongoing expenses should the typical operations of your company be delayed or derailed.

• Workers’ compensation insurance is often required by law and may make all the difference as your employees seek medical care and financial relief following work-related incidents and illnesses.

• Professional liability insurance, also known as errors and omissions insurance, can help your business pay for attorney fees and other legal expenses if another party sues you for allegedly providing improper or incorrect services, such as via errors, negligence or oversights.

• Commercial auto insurance should be a priority if your company uses motor vehicles for business purposes. Furthermore, this type of coverage is typically required by law.

• Cyber liability insurance has become an increasingly important type of coverage in the digital era, as your company may need to financially protect itself from the ramifications of data breaches and other cyber incidents.

We’re Here to Help

At Florida Insurance Group, our dedicated team has the resources and ability to help your company understand its coverage needs and secure suitable policies. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.