No matter what kind of business you are running, chances are you will need a business insurance policy to keep you, your employees, and your company's property protected. Running a business is risky. And without a good business insurance policy, you might find yourself in a world of financial trouble. However, if you go to your insurance company and ask for a business insurance policy, you can expect the following types of coverage:
There is Commercial Property Insurance, which covers all the property associated with your business. This includes machinery, supplies, tools, computers, etc. Commercial Property Coverage will help pay to repair or replace such items in the event that they are stolen by a thief or damaged by a natural disaster. It is important to note that some items are not covered by Commercial Property insurance, such as company vehicles, which require a separate, commercial auto insurance policy. You should always know exactly what items are being covered by your business insurance and what items need their own policy.
There is also General Liability Insurance, which protects you in the event of someone accidentally hurting themselves on company grounds. This is an essential part of your business insurance policy because you simply cannot control the actions of your employees, customers, or anyone else. For example, if a customer slips and breaks their leg, your insurer will cover the cost of their medical bills and your legal fees if they decide to sue you. When running a business, you should always be prepared for accidents to occur on company grounds.
Finally, there is Business Income Insurance, which covers you in the event of your company having to shut down for a period of time. Sometimes, companies need to go out of business temporarily for reasons that are out of your control. For example, if your business closes because of damage from a fire, your insurer will pay you the income you would have made if you didn't have to shut down. All three of these coverages are included in a typical business insurance policy.