Your business is probably one of the most important things in the world to you. Not only is it how you support yourself, but it represents years of hard work, dedication, and passion. You don’t want to ever see it harmed because of an unfortunate circumstance like a robbery or a natural disaster, but sadly, these instances are sometimes unavoidable. That’s why commercial business insurance is such a crucial thing to have! Securing adequate insurance for your business is like putting a helmet on before you ride a bike– it’s a wise moment of protecting yourself and your own interests. Looking for insurance for your commercial business? Here are eight main types that you need to be aware of!
Liability
Pretty much every commercial business should have general liability insurance. It protects you from lawsuits filed by someone outside of your company for a wide variety of reasons, including property damage or harm to reputation. This kind of insurance typically covers legal fees and settlement costs in cases where a legal battle ensues.
Bodily Injury
Insurance for bodily injury to a customer, client, or any other party not tied to your company is occasionally its own coverage, but you’ll often find that it’s included in general liability insurance. In these cases, the insurance policy is intended not only to cover legal fees, but potential medical bills as well. Insurance that covers bodily injury to your employees or other people associated with your business falls under workers’ compensation or workers’ comp, which covers medical expenses and lost wages when injuries occur on the job.
Property Loss or Damage
Commercial property insurance helps you when your business suffers physical damage to a building, inventory, piece of equipment, or other property. This type of insurance might come into play, for example, if your building catches fire. Your policy will outline the specific kinds of accidents that are covered and the kinds that are not. If one of the covered accidents occurs, the policy will help to cover the costs of repairs and replacements.
Malpractice
Malpractice insurance is specific to the medical field, and almost all medical practitioners are required to carry it. It’s a type of liability insurance, designed to protect the practitioner from a patient who claims to have been harmed by the practitioner’s negligence, or who claims to have been intentionally harmed. Designed to cover legal fees, punitive costs, and medical bills, it’s extremely important for anyone whose business is in the medical field to have this type of insurance.
Catastrophic Weather
An insurance policy with the word “catastrophe” in its name is intended to cover the costs and damages of an unpredictable disaster, like an earthquake, tornado, hurricane, flood, or even manmade disasters like riots or terrorist attacks. The instances covered by your policy will be laid out specifically depending on the insurance you have. They protect your property against these instances, covering the costs of repairs, replacements, and bouncing back after a disaster.
Business Interruption
Being forced to shut your business down is something that many business owners have experienced in recent years, and you’re likely very well aware of how difficult it can be. Being unable to operate means you lose revenue, and you’ll have trouble paying your rent and expenses, as well as ensuring that all of your employees are paid. Business interruption insurance is designed to cover these things. You’ll often find it included alongside other policies, like a commercial property insurance policy.
Theft or Vandalism
Commercial crime insurance is useful if your business is ever the victim of theft or vandalism. Your commercial property insurance policy might not cover instances of crimes like a break-in, fraud, or employee dishonesty, so having crime insurance in place will help to fill that gap and cover the damages of such an unfortunate event.
Cyber
We live in an increasingly digital world, and cybercrime is only growing and becoming more sophisticated as the years go by. Even if you engage in all the best cybersecurity practices, you might still become the victim of an online attack that could lose you money, broadcast your secure information, and damage your business. You might be able to find a cybersecurity insurance policy attached to another kind of commercial insurance, or you might need to get it on its own. Whatever the case, it can be crucial in helping you deal with the costs of a potential cyber attack!
With so much already on your mind from the stress of running a business, navigating this complex world of commercial insurance can seem like an insurmountable task, but it doesn’t have to be! With the help of YMI, your business can be insured and secure with minimal stress. Contact us today to discuss what kinds of insurance your business should have!
