You are most likely already aware of business insurance, but you might be unaware of the different types there are.
As you set up your business, it’s a good idea to choose policies that protect against some of your greatest risks.
It will ensure that you have a successful launch and keep your hard-earned money! This post will explore the types of business insurance typically provided by insurance firms.
Product Liability Insurance
This kind of insurance protects against lawsuits if one of your products harms a consumer.
If you create and sell physical goods, it’s important to have an umbrella policy that offers product liability coverage as part of a comprehensive package. If it doesn’t, it might be time to revisit your business plan to ensure you have room for improvement.
Home-Based Business Insurance
A home-based business can prove a great source of income as well as a major liability. Be sure you protect your property with insurance designed for small businesses and start-ups—like water damage or fire coverage.
Also, since a home is more likely to be burglarized than an office building, investing in things like alarms and surveillance cameras may help lower your premium.
Cyber security is a growing concern for all businesses. Hackers are becoming increasingly sophisticated in their methods and tools to access systems, and cyberattacks can devastate companies.
Additionally, cyber insurance policies protect against financial losses incurred due to cyber-attacks.
If your business is shut down due to a fire, flood, or another external event, obtaining funds from a traditional bank may be difficult or impossible.
That’s where business interruption insurance comes in. It provides coverage for lost income and extra expenses during unexpected downtime. Without it, you might need to close up shop and take on an off-hours job until your finances recover.
Professional Liability Insurance
If your company handles money, buys or sells products to customers, maintains a physical space open to public members or employees—or if you offer professional services—you need professional liability insurance. It’s not just about doctors, dentists, and lawyers anymore!
There are many insurance options for your business, but knowing what each does and how it can protect you is key to ensuring your business stays up and running when trouble strikes.
Each type of coverage is designed to help mitigate certain particularly relevant risks to businesses.
At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (859) 491-5100. Get your free quote today by CLICKING HERE. Coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!
11/2/2022 03:28:03 pm
It really helped when you described how home-based businesses must get an insurance plan to protect their finances. My wife and I want to start a business from home next year, but we never thought about getting an insurance plan before, so we'll look for an agent to guide us through this process soon. We're grateful for your advice on how we'd protect our property from water or fire damage with business insurance.
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