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12 Types of Insurance You Need For Your Business

Image for representation.

Image for representation.

There are a host of insurance options you can get to ensure the safety of yourself, your business, your employees and your customers.

Once a business is born, the risks that come with it are plenty and sometimes frequent. Even before you hire the first person for your firm and even before you can set up your office, a business gets exposed to certain kinds of risks because one small mistake can cause the entire business to wipe out. Fortunately, there are measures you can take to stop that from happening. There are a host of insurance options you can get to ensure the safety of yourself, your business, your employees and your customers. Here are the most common ones.

1) Business Liability Insurance

In case of an accident, this insurance helps you, your employees and your customers by providing them coverage.

2) Commercial Property Insurance

This type of insurance protects your company’s physical assets like building, furniture, equipment, inventory, etc. Even if you work from home you can get yourself covered with this insurance.

3) Business Owners Policy

Or BOP, as it is generally called, is a combined plan of different kinds of insurances like property, liability, crime coverage among others. Hence, BOP helps you get customised insurance for your business according to your needs.

4) Commercial Auto Insurance

This helps your business and employees from damages and accidents from the operations related to vehicles.

5) Crime Insurance

This protects your business from theft, forgery and other crime-related losses.

6) Business Income Insurance

This insurance lets you pay bills and cover other costs of the business if it shuts down temporarily.

7) Commercial Umbrella Insurance

This insurance gives you extra protection and coverage which goes beyond your standard liability policy.

8) Cyber Liability Insurance

This helps you against all sorts of online damages related to electronic data, computer systems, data breaches and computer attacks.

9) Equipment Breakdown Insurance

This can help your business from the damages and costs incurred in case of computer, electrical and mechanical equipment breakdowns.

10) Business Interruption Insurance

If due to unforeseen external forces your business shuts down for a short span of time, this insurance makes sure you get paid for your lost income and your business stays afloat for the time being.

11) Worker's Compensation Insurance

In the case of a work-related accident, this insurance protects the employees affected by it.

12) Accounts Receivable Insurance

If your business is unable to collect payments from your customers, this insurance can cover you against those losses.

To know more, click here.

This content has been created in association with YONO SBI
first published:July 10, 2019, 13:14 IST