There are numerous types of business insurance available, but how do you know what is needed? Our convenient guide breaks down the key purpose of each policy…
Insurance is a vital safety net that businesses simply can't do without. After all, regardless of industry or sector, companies are incredibly vulnerable to accidents, lawsuits, and other unforeseen events, often more so than individuals.
Unlike personal insurance, there are many different types of insurance policies for business enterprises, too. Figuring out what is essential for your business can be hard, especially if you are just entering the world of commerce.
However, just because there are a numerous form of insurance, it does not mean that you need to purchase all of them for your company. Insurance costs can be significant and some of these policies are only applicable in specific scenarios which may not apply to you. Therefore, it's important to understand the purpose of these policies.
To illustrate this, and to give you a better idea of what exactly you should look at purchasing, we've compiled a list of the 11 most common forms of business insurance for small businesses. When selecting what is appropriate, you will have to take into account several factors, such as the level of risk in your business, your annual revenues, your location, and your years in business. You will certainly need the coverage provided by a few of these policies, though, especially if you want to keep your business safe and secure in the long run.
Also called business liability insurance, this is a type of policy that provides broad coverage to your company. It can protect you against claims arising out of injury or property damage caused to others during business operations, any damage caused to properties rented by your firm, medical claims, and other types of legal injuries.
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