by Susan Paige
Are you a business owner seeking to learn more about what corporate insurance you may need to protect your investment?
The United States insurance industry generates $630 billion of revenue each year! While insurance can be one of your company’s biggest expenses, it can also be the one that provides the most value in the event of an unforeseen accident.
Read on to learn about the most important types of commercial insurance!
Liability insurance is a must-have for businesses of all sizes. This kind of insurance protects your business in a wide range of situations that may arise in its day-to-day operations.
For example, your business would be insured if one of your employees injures someone else while working for your company.
This insurance also protects your company if it is responsible for damaging someone else’s property. Your insurance will also usually cover you when someone injures themselves while on your property.
Commercial Property Insurance
Commercial property insurance can be crucial to protecting your office, store, or warehouse.
This kind of insurance also protects your equipment and inventory in the event of damage or loss. For example, you could file an insurance claim for loss suffered after a fire at your business.
If you own a large business, you may want to consider learning more about captive insurance. When you have captive insurance, you create your own insurance company to cover your business, similar to being self-insured.
Workers’ Compensation Insurance
Many business owners only look for ways to shield against loss caused by other people. A business owner can’t afford to overlook the importance of the safety of employees.
Workers’ compensation coverage is the best way for an owner to protect employees. This is an important form of insurance for a company working in a dangerous industry.
Let’s take the construction industry as an example. If an employee is injured through no fault of their own, this insurance can cover their medical bills and lost work time.
Business Income Insurance
Business income insurance can be an often overlooked form of coverage for an entrepreneur.
With the onset of the COVID-19 global pandemic, this form of insurance has become more popular. It can pay your business for lost income caused by an unforeseen event.
Before you buy this insurance, look at the insurance policy exclusions. If a global pandemic or health crisis isn’t included, you won’t have coverage for lost income caused by it.
The Importance of Corporate Insurance
Corporate insurance is an important way for you to protect the business you’ve worked so hard to build.
As you decide the insurance coverage you may need, think about the unique nature of your business and the kinds of risks to the safety and well-being of your customers and employees. Speaking with a trusted insurance agent about your options and the coverage levels you need will help you feel more confident about your decisions.
Are you looking for other ways to improve the way your business operates?
Check out our blog section for other helpful tips and tricks to help your business operate more efficiently!