Check out the 3t types of business insurance you may need to help you run your business.
This type of commercial insurance provides coverage to the injuries that your employees may obtain on-the-job. The laws of workers’ compensation usually prohibit the employee to file a negligence lawsuit against their employers due to work-related injuries.
2. Property Insurance
This type of insurance covers the damages and losses of personal property or real property. These are some of the coverages that fall under property insurance:
- Builder's Risk Insurance. It covers buildings during construction.
- Business Interruption Insurance. It provides coverage to lost expenses and income due to property loss or damage.
- Boiler and Machinery Insurance. This type of property insurance covers your equipment, machinery, and boilers as a result of an accidental breakdown.
- Crime Insurance. This one covers your business against property crimes like burglary, theft, and robbery. This also includes robbery of fixtures, money, stock, and securities from both outsiders and employees.
- Tenant's Insurance. This insurance provides coverage to the damages that your building or rentals space incurred brought on by your employee negligence. This also includes the damages to your space while you are doing improvements.
3. Liability Insurance
This type of commercial insurance is beneficial when you cause injuries to third parties. In the event that someone sues you for property damage or personal injury, then liability insurance will cover the legal cost of the suit. Here are a few specialized coverages under liability insurance:
- Automobile Insurance. This covers the vehicles that you use in your business, including trailers, trucks, vans, or cars.
- Malpractice Insurance. It covers the losses due to injuries to third parties that are brought on by improper professional conduct.
- Errors and Omissions Insurance. This one covers third party injuries brought about by unintentional failures or mistakes.
- Directors' and Officers' Liability Insurance. Typically, this type of liability insurance is used by organizations and nonprofit corporations to cover the lawsuit that the officers and directors may obtain.
Talk to your insurance agent regarding the right commercial insurance coverage that can protect your business as much as possible.
At Independent Executive Insurance Brokers, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 624-4815 or Click Here to request a free quote.