Mistakes happen and things can go wrong. That’s a fact. It is also why protecting your business from events that may happen in the future is extremely important. Having the right insurance policies for when those mistakes and accidents occur can be the difference between losing the business and doing very well.
There are five types of insurance policies that every person who owns a small business should consider getting. We’ll go over them below.
General Liability Insurance
This type of small business insurance can cover your business if injuries, accidents, or claims of negligence land the business in front of a judge. General liability insurance will typically offer assistance in covering legal fees, along with providing payments that may be required by this kind of lawsuit. Everyone should have this insurance, as it’s the bare minimum in any case where damage, libel, or slander are brought up.
Property Insurance
With property insurance, you have a great risk management tool. This insurance tends to be flexible and broad, offering you coverage you won’t find in other policies. You can protect your business just like your home when it comes to things like hail, fire, vandalism, and other damage. You can choose an all-risk policy that bundles all sorts of protections together or choose a specific policy that covers what you need in the area you do business.
Business Interruption Insurance
This is a type of small business insurance that can help after a disaster, when you’re rebuilding and don’t have income coming in. This insurance offers you the lost income while you are out of service following a disaster. This can help you survive until you can go back into business. This is something that you should seriously consider, especially if you live in an area with common natural disasters.
Product Liability Insurance
For companies that offer products, this insurance protects against lawsuits if a product causes harm to a customer. This applies if there is a defect, no matter how it happens. Without insurance, this sort of situation could bankrupt you in no time. This makes sure you have a leg to stand on when things are at their worst.
Professional Liability Insurance
If you sell services rather than products, this is for you. Some services require unique coverage. For instance, doctors carry malpractice insurance while lawyers might carry errors and omissions coverage.
For those who live in or near Tinton Falls. NJ, Dirus Inc. is an excellent source of small business insurance. They also offer vehicle insurance, home insurance, and tax services. To find out more, simply call the office at 000-000-0000.
