The process of buying insurance can feel confusing, time-consuming, and costly. If you’re a business owner, you’re probably wondering if you can cut costs by skipping business insurance altogether, or skating by with the bare minimum. However, one uninsured incident has the potential to cost you your business.
Business insurance protects your business legally and financially in the face of an accident or other unforeseen event. If your business has property, such as inventory, computers, and other equipment, you need to insure it. Additionally, if there is any chance of your business being sued, insurance will help you minimize your risk and protect your reputation.
Which Type of Business Insurance?
There are several kinds of business insurance, each designed to protect against a particular set of risks. The type of insurance your business needs will depend on your assets, liabilities, and risk. You will want to choose coverage that adequately protects your property, people, and business operations. Some popular insurance policies include:
1.) Liability insurance covers costs associated with accidents and injuries. Even if you run your business from your home, liability insurance is a must because homeowners’ policies do not protect against business liability risks.
2.) Property insurance reimburses you if your property is damaged or destroyed due to fire, storm, or theft.
3.) Auto insurance covers damage to vehicles driven for business purposes.
4.) Workers’ compensation insurance pays for lost wages and medical care for employees who are injured on the job.
5.) Professional liability insurance, also known as errors and omissions insurance, protects people in service occupations from liability for negligence or malpractice.
6.) Product liability insurance protects manufacturers and retailers who make and sell products.
7.) Business interruption insurance helps cover the cost of rent, relocation, and employee wages if your business must move or temporarily shut down operations.
You’ll be able to save money by investing in a plan that combines several types of business insurance into a single policy.
CTG Insurance: Personalized Business Insurance Solutions
The right business insurance can make or break your business. CTG Insurance offers personalized insurance solutions tailored to your unique needs, risk level, and budget. We make the insurance buying process simple and accessible to all. Get started by scheduling a phone call, virtual, or in-person meeting with one of our experienced insurance advisors.
About the Author: Steven Elkins
