Although there are numerous niche industries that require specialist business insurance, there is a definitely a common thread that runs through every business.
Here are a couple of mutual needs and common denominators that every business should consider when taking out essential business insurance.
Listed here are some of the types of business insurance policies that most businesses require regardless of the type of industry:
General liability insurance
Whether you run a small home office or a large conglomerate, every business should have liability cover. This is the type of cover that will provide damages should you, your products or your employees or even services cause any injury or damage to any third party.
Business owner’s policy
Business owner’s policies will cover interruption insurance, property insurance, insurance cover for your vehicle, liability insurance as well as crime insurance.
Loss of earnings cover as well as business interruption insurance is imperative should something untoward occur – especially if the business is unable to function for a variety of reasons.
Business owners usually find that Business Owner’s Policies – also referred to as BOP’s will assist in saving money because the services that are included in this kind of cover will usually cost a lot less than all the coverage of the individual policies added up together.
Commercial Vehicle Insurance:
Ordinary car insurance is not the appropriate insurance cover for a commercial vehicle and those individuals that utilise their personal cars for the business and have normal cover will find their insurance company will not cover the costs of losses and damages while on company business.
It is necessary to protect your business vehicles that transport employees, goods and equipment. Insuring your work vehicles, SUV’s vans and trucks is vital.
Differentiating vehicles used for work or employees driving their own cars on company business is important as these will need non-owned auto liability to protect the company from losses in case the employee does not have insurance cover or has inadequate coverage.
In certain instances the non-owned vehicles can be added to the business owner’s policy.
Every business needs insurance – the question here is exactly what type of business cover is necessary.