8 Types Of Business Coverage That Every Business Owner Needs

​Insurance might protect your business from the risks that can arise during normal operations. Entrepreneurs can choose from various insurance options, which can be confusing and overwhelming if you don’t know what you’re looking at. The best way to choose the best coverage for your company is to learn about the types of business insurance that are available. 

General Liability Insurance (GLI)
General liability insurance helps you protect your business from claims like bodily injury, property damage, and reputation harm that may occur during normal operations. The coverage may save you money in paying medical expenses and lawsuits against your business. But you must note that it does not cover all injuries or damages in each situation, like medical treatment expenses for injured workers.

Commercial Property Insurance
Commercial property insurance covers your owned or rented building and equipment for your business. It is considered essential coverage for owners, especially home-based businesses. Commercial property insurance may cover fire damages and income loss from business interruption. Earthquakes and floods cover.

Business Income Insurance
If you cannot run your business due to covered property damage, business income insurance may help you replace your lost income. This insurance may cover your ongoing expenses, such as rent, utility bills, or payrolls.

Professional Liability Insurance
Professional liability insurance helps protect you and your company from lawsuits if you mistake the professional services you provide to a customer or client. It covers claims like:

• Misrepresentation
• Inaccurate advice
• Personal injury

Workers’ Compensation Insurance
Workers' compensation insurance benefits your employees if they get injured or ill from their job. The benefits can cover:

Medical bills payments 

• Replacement of the majority of their lost income
• Funeral costs if they lose their life in a work accident
• Provide disability benefits
  
  

The insurance may also help you if your company faces lawsuits from injured employees or families by paying legal expenses.

Data Breach Insurance
Data breach insurance, also known as cyber insurance, helps your company respond if personally identifiable information is lost or stolen. It might help you in paying your expenses to:

• Notify affected employees or customers
• Hire a public relations firm
• Offers identity theft monitoring services

Commercial Umbrella Insurance
Commercial umbrella insurance provides additional coverage limits for expenses that exceed your liability insurance. So, If a claim exceeds your policy limitations, your umbrella insurance might cover the difference. This includes:

• Legal costs
• Judgments and settlements
• Medical bills
• Damage to another's property

Commercial Auto Insurance
Commercial auto insurance can protect you and your employees on the road if you drive company-owned vehicles for business. It may help pay for property damages and medical expenses from an accident caused by your company.

Conclusion
Getting the best option for business insurance is important no matter where you are with your business. It would be best to choose which insurance policy might protect you based on your company's and employees' needs and preferences. Business insurances are typically important resources for employers because they provide a safety net that protects companies from risks while also helping them.

At Priority Insurance LLC, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (864) 297-9744. Get your free quote today by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.