If you are just starting out, then getting insured is the first step.
- General liability insurance
This is a general insurance which covers any damage to you, your employees or your products and services. This insurance is a must have for any business, big or small.
- Property insurance
If you have a business personal property or an office then you should get a property insurance which will safeguard you against any happenings of fire, theft or vandalism. It will include any damage to office equipment and inventory tools.
- Commercial auto insurance
As the name suggests, it insures all the vehicles of the company that may carry employees, products or equipment. The vehicles will be insured against any damage or collision. If you don’t have any vehicles carrying workers and they come in their own vehicles then you can add non owned auto liability to the insurance to cover those vehicles too.
- Business owner’s policy
It is an all encompassing insurance, which covers anything from damage to equipment to, that is property insurance to crime insurance. It can be customised according to the needs of your business. This reduces the insurance cost as it covers a bundle of things rather than providing individual coverage.
- Worker’s compensation
Employees who get injured on the job will be covered under this insurance. It provides medical benefits and wage replacement to the injured worker. In exchange the worker loses his/her right to sue the company for the damage caused. As a business owner, it is very important to have your employees covered to avoid any legal complications later.
- Life insurance
Life insurance covers someone against death. If you die and you are covered by life insurance then the insurer pays an amount of money to your beneficiary. You have to pay premiums to get this kind of insurance. Life insurance is very useful, keeping in mind the financial stability of your loved ones after your death.
- Directors and Officers insurance
The directors and officers of a company are protected by this insurance against their actions that affect the profitability or operations of the company. Any legal action or lawsuit against the director is covered under this insurance.
- Data breach
If any sensitive and confidential information about the company or it employees stored on the computer is breached then the losses incurred would be covered under this insurance.
- Homeowner’s insurance
This is one of the most important kinds of insurance that one needs. It protects against the damage done to the home or any items inside the home and any other physical or personal injury. It protects you against accidents that might have happened due to your own actions.
- Renter’s insurance
It is the same as a homeowner’s insurance except for the difference that it is applied to rented accommodations only.
- Personal umbrella insurance
This one is an additional insurance to cover any other damages which may not be covered in other insurances. It provides additional coverage over and above other insurances. It is not essentially important to get this one. It can be customised to cover a range of liabilities from property to health. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted.