What Are the Different Types of Insurance for Corporations?
As a business owner, you should do everything you can to help protect yourself and your employees from unnecessary challenges. One way to do this is by purchasing multiple types of insurance coverage.
There are a few types of insurance for corporations that you might want to consider. You may not want to go without it unless you want to potentially hurt your business financially. Keep reading to find out what these kinds of corporate insurance coverages are.
General Liability Insurance
Business owners have to deal with a lot of different individuals in the course of their day. This could include customers, suppliers, vendors, and more. General liability insurance can be crucial because it may protect businesses from claims related to their business operations.
For example, if you have a customer visiting your retail store, and they slip and fall because an employee didn't wipe the floors properly, then they could sue your business. Their injuries could be quite serious and costly.
Also, if you end up damaging someone else's property, general liability insurance could help protect you then as well. It could cover the expenses of repairing or replacing third-party items.
Of course, you may want to read through the insurance policy or speak to a licensed insurance provider to help you understand what is covered and what isn't.
In general, if you deal with customers regularly, then you may want to consider general liability insurance for your business. It could help reduce worries about your business if an unexpected accident were to occur.
The problem with not having such coverage for your business is that you may have to pull money out of your profits or savings to pay for legal fees or claims. Not having general liability insurance could put a financial strain on your business.
Business Property Insurance
Are you the kind of business that uses expensive equipment or tools? Or do you store inventory on your business premises?
Your business could be in big trouble if something happened to your business property, be it in a fire, or through theft or burglary. Whatever the case, it can be important to help protect your business property from threats.
One of the best ways to do this is by purchasing business property insurance. This kind of insurance (also called commercial property insurance) may reimburse you for the cost of repairs and replacement of equipment that was damaged in a fire or other covered event. This policy can also reimburse you for lost income due to your equipment being unusable.
Cyber-Risk Coverage Insurance
Nowadays, you don't only have to worry about losing physical equipment, but also customer data or digital information. It could hurt you more if you lost important customer data, rather than physical equipment.
Some businesses may not have a ton of physical equipment to work with but rely mostly on data to do business.
And don't fool yourself into thinking that you don't have to worry about cyberattacks if you are a small business. Almost every business, big or small, should protect itself from hackers who are trying to get at your data.
Your business reputation could depend on protecting your customer data. Otherwise, you could rapidly lose your customer's trust and that could be hard to gain back.
Cyber-risk coverage insurance can help protect you from the impact of cyberattacks and also could pay for the cost of the legal defense and notifications you may need to send to affected customers.
For example, if customer data you store like their date of birth, name, or credit card information gets hacked, then the insurance policy could compensate your business to help reduce the financial impact you may face. This could include notifying customers, hiring professionals to investigate the extent of the attack, and paying your legal fees. Again, this can depend on the policy that you purchase and the specific coverage it can provide.
Business Owners Policy (BOP)
One of the great things about purchasing a Business Owners Policy (BOP) policy from PolicySweet® is that you can combine several different kinds of coverage into one policy. This could save you time and money as you don't have to buy several different policies one by one.
A BOP policy from PolicySweet includes all three, general liability insurance, business property insurance, and cyber-risk coverage in one. This policy can make it easy for you to help protect your business from threats.
You also don't have to jump through hoops to get this insurance policy for your business. Use the instant quote tool to request a no-obligation quote. We can also customize the policy to your specific needs.
With this tool, you can request a quote today and be insured quickly. Start helping protect your business. You could achieve "peace of mind".
Workers' Compensation Insurance
Most business owners are aware of Workers' Compensation insurance. If you have at least one employee working for your business, then you may need this insurance coverage.
In case your employee gets injured in the workplace doing their regular work tasks, then Workers' Comp can provide them with lost wage coverage and could pay for their medical expenses.
You might not think much of this insurance coverage when you have one or two employees. But think about how expensive it could get once you have dozens of employees working for you. There are probably going to be minor or major injuries at some point, despite your efforts to mitigate them.
Your business profits could be drained by these medical bills and legal expenses.
But with Workers' Comp, both you and your employees could be protected. That's why Workers' Comp is mandatory in most states.
Insurance for Home-based Businesses
Lots of businesses nowadays aren't based out of a retail store or an office building, but out of the business owner's home. It could be because they are just starting, or because they are running a business that doesn't exactly require an office location.
If you are running a coaching or accounting business from your home or another type of business, then you may want to help protect it by getting insurance coverage.
Don't assume that your renter's insurance or homeowner's insurance can cover your business as well. If you store business inventory at home or equipment that you use to create products, your renter's or homeowner's policy could exclude coverage for your business items.
A HomeHQSM policy from PolicySweet provides three different kinds of coverage to home-based businesses.
- Business Liability Insurance – can help protect against third-party bodily injury
- Business Property Insurance – can help protect from loss due to fire, wind, etc.
- Business Stock Insurance – can cover the cost of replacing lost or stolen merchandise
If your business operates from a mobile space like a kiosk or a cart, then HomeHQ insurance can help protect you there as well as long as the majority of your business operations are from home.
Choose a Combination of Policies to Help Cover You
Most business owners think that they have enough insurance coverage for their business. In fact, they could be underinsured.
This kind of misguided thinking can get you in a lot of trouble when trouble comes knocking, as it commonly does in today's litigious world. That's why you should look at your business holistically and get coverage for each aspect of it.
A HomeHQ policy or BOP coverage from PolicySweet can be a great way to help cover your business from multiple sides. And if you add Workers' Comp to it, you could be even more protected.
Consider the Different Types of Insurance for Corporations
Now that you are aware of the availability of different types of insurance for corporations, you can go ahead and choose a policy for your specific business.
Small business insurance may not just be a nice-to-have, but it could be a must-have. And you don't want to go without it.
Start a quote from PolicySweet and be insured quickly. Help reduce your worry about your business and its liabilities.