From the day you start your business, you expose yourself to risks. Think of lawsuits, natural calamities or employee behavior -all these can wreak havoc on your business operations. Being unprepared can deal your business a blow it may not recover from. This why business insurance is key, irrespective of the size or scale of your business.
The good news is there is a range of commercial insurance policies that can protect your business from potential perils.
Here are some of the options that you can take consider for insuring your business against future challenges.
- Business Property Insurance
Business property insurance is used to cover the possible damage that can hit your business property. It helps cover structures or inventory, which include but are not limited to your office, furniture, machinery, documents, products, and so on. This insurance is suited for both retail businesses as well as for businesses that offer various services.
But you can’t just settle for this insurance policy alone. A great choice is Business Income Coverage, which can add value to the existing insurance. This add-on will help compensate your business from loss of income that could accrue from unforeseen events that could otherwise cause interruptions in your business, leading to losses.
- Commercial Auto Insurance
Commercial auto insurance is a necessary means to protect your company’s vehicles. For instance, it will help insure your SUVs, vans, buses, taxis, trucks or work cars that carry your employees, equipment, etc. from damages. This is a great option for if you run a fleet of vehicles, deliver products or services using vehicles, etc. Apart from covering damage to the vehicle, the insurance usually covers both bodily injuries as well as property damage liability when an employee suffers an accident during your business hours while operating a vehicle that is company-owned.
Note: It’s worth remembering that the vehicle type, the risks associated with the vehicle you are moving and other factors may affect the premiums to be paid.
- Worker’s Compensation
This is insurance coverage that is usually mandated by the law. It is for employees if they get injured while performing any work-related task during the working hours. It’s usual to mandate that to avail the benefit of this insurance your employees must sign an agreement that restricts right to sue you i.e. the employer if they sustain any injury in any work-related mishap. It also protects you from various negligence lawsuits. Of course, this is not to say that you should compromise on worker safety. It is imperative that you do whatever is necessary to keep the workplace safe. As they say, a stitch in time saves nine.
- Employment Practices Liability Insurance
More often than not, employment-related risks are one of the most dangerous risks, even for well-established businesses. Despite having the appropriate policies and training in place things can go wrong. And if they do, your business opens itself up for lawsuits. Discrimination, wrongful termination, failure to provide equal opportunity for employment, negligent evaluation, libel, slander or humiliation, and sexual harassment are some of the risks that can mar your business’s reputation. The result can be a financial disaster. To mitigate these risks and protect against expensive litigations, you need comprehensive employment practices liability insurance coverage.
- Retail Insurance
Retail insurance is a combination of various types of insurance covers that retailers need. This should be customized depending on your specific requirements. More often than not, if you are a small business retailer, you will need a general liability as well as commercial property insurance to stay safe. Business income coverage is another option you can explore to safeguard your establishment. Note that you will be expected to pay combined premiums if you do so.
- Condo Association Insurance
A condo is a business too! Condo owners’ associations have owners for each unit, where they reside whereas the other common areas and certain portions of the building are shared. These are homes that face risk from environmental damage, as well as other events like vandalism or fire. The risks also arise from the various features of a condo, which include but are not limited to – swimming pools, saunas, spas, parking spaces and so on. All condo owners’ associations have their own bylaws, which are applicable to the complex. These outline the specific requirements for condo association insurance. Typically, these include the deductibles, the coverage limits and the types of coverage, which are to be purchased by the association. Since this type of business insurance can get overly complex, we do recommend that you consult an expert to understand the best option.
All said and done
This post is an attempt to familiarize you with some of the most common types of commercial insurance that will help you avoid major financial losses due to any unforeseen situation. Of course, you can also opt for additional coverage. You can customize the plans for your specific needs. This can get confusing -wouldn’t you rather as the experts at Gonzalez Insurance for help? We’re just a call away!