Not every business is the same. Not only are some businesses big while others are small, some sell products while others offer professional services. There are business that operate out of brick and mortar stores, and others out of warehouses. Some businesses exist solely on the Internet. Also, some business operate in states that require them to possess certain types of insurance — such as workers compensation insurance — while others do not. But there are 3 types of business insurance that every company needs, regardless of what type of business they are. They all need general liability, property and business interruption insurance.
General Liability Insurance
General liability insurance is one of the most important insurance coverages a business can have, because it protects a business from costly legal action. If your business harms someone in any way, this someone could sue you. They could sue you because they believe your product or service was defective, or they could sue you because they got hurt in your place of business. They could sue you for a million different reasons.
General liability insurance not only covers you for any legal costs you may incur during the course of running your business, it also covers the medical costs of anyone who got harmed. Without this insurance, one mishap beyond your control could potentially ruin your business. It could even perhaps destroy your life’s work.
Fortunately, many top-quality insurance carriers offer affordable general liability coverage. General liability insurance by Next Insurance is just one of many.
Property insurance covers your business if there is any damage to your company’s property. This could be damage to your building or to your home. But even if you are renting the facility in which you are operating your business, you still need property insurance, as it covers your furniture and equipment, and perhaps your inventory as well.
Property insurance can also cover costs that may incur after the initial damage happens. For example, if there is a fire at your business, your property policy could provide you with money for hauling the debris from your site. It could also provide you with money to tide you over until you can resume operations.
Business Interruption Insurance
Business interruption insurance can cover your business if some natural disaster or other event beyond your control disrupts your business from functioning. Some businesses operate in areas where there are often earthquakes, while others operate in an area where disasters such as hurricanes, tornadoes, floods and blizzards routinely occur. But every business in America can be affected by one form of a disaster or another.
No matter what happens to disrupt your business, business interruption insurance can make sure that your business stays afloat during such events by keeping it funded.
In conclusion, while there are many types of businesses, and one business can be very different than another, all businesses need — at the very least — general liability, property and business interruption service. The good news is that many insurance companies can bundle these policies into a single business owner’s policy (BOP) that can save you lots of money.
So, you have no excuse not to properly protect your business.
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