Businesses ensure that they have the right protection against risks and liabilities. That is why they require some basic insurance protections. While each company has their own preferred insurance requirements, these are some basic coverages that should be in place. If you are opening a business soon, then here are the types of insurance that you must have.
Business Interruption Insurance
In the event of a natural disaster or other unforeseen circumstances that stops a company from operating, this type of insurance can help them make up for lost revenue. This way, they can keep up with business operating costs. This can cover the money that was spent for rent and employee salaries and the profit that could have been earned.
Cyber Liability Insurance
Companies that are handling private customer information digitally must have cyber liability insurance. This is to protect them against monetary damage caused by cyberattacks, data breaches, and other forms of cybercrime that made them lose profit.
Employment Practices Liability Insurance (EPLI)
This type of insurance provides protection from lawsuits that alleges your business violated employment laws. It could include discrimination, wrongful termination, or even harassment. In the event that an employee files a lawsuit, naturally the company will seek to protect themselves. And the cost that goes with it is covered by EPLI.
General Liability Insurance
Businesses cannot provide services without this coverage offered by san antonio business insurance. This protects them from claims of negligence that occurred on business premises which resulted in bodily harm, property damage, or personal injury. This type of insurance protects the company from expensive lawsuits filed by victims.
Professional Liability Insurance or E&O
E&O insurance is a must for businesses that provide professional services like doctors, consultants, lawyers, etc. It protects the business against claims of negligence, errors, or omissions which could have resulted in financial losses for the victims.
Property insurance protects a business’s physical assets, whether they are owned or rented. The insurance plans cover damages due to fire, theft, vandalism, and natural disasters. This coverage helps companies recover from the financial repercussions caused by these kinds of events. This way, they can keep their operations running smoothly.
Product Liability Insurance
Businesses that manufacture or sell goods should consider investing in product liability insurance. Any injuries, accidents, or damage brought on by a faulty product will be covered. In the event of an accident involving your product, this insurance will pay for any legal fees, the medical bills incurred, and other damages.
Workers’ Compensation Insurance
When an individual sustains a medical condition or injury on the job, workers’ compensation insurance steps in to help them financially. It pays for the seriously injured worker’s healthcare needs, income loss, and the needs for rehabilitation services. Businesses are protected from lawsuits that could be possibly filed by these employees.
These are just some of the many that companies can pick from. It is critical for companies to evaluate the risks involved with the business. That is why it is very important that they consider seeking advice from insurance experts for them to choose the best policy.