5 Insurance Types for a Small Businesses’ Security

As an entrepreneur, when you start your own business you will be exposed to certain risks in the business world. In fact, even before you hire your first employee, your business is already at risk. Therefore, it’s important for you to have the right insurance to protect your small business.
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Once you face a catastrophic or lawsuit event, it could be enough to shut down your business even before it has the chance to become successful. But fortunately, all kinds of businesses have access to various insurance types to protect them from danger. Here are the must-have insurance types you need for your business.

1. Property Insurance
   If you have a building or own personal business property, such as tools, office equipment, inventory, or computers, you should consider investing on a policy that can protect you in the event of a fire, theft, vandalism, smoke damage, and others.
   
   You should also consider the loss of earning/business interruption insurance, as part of the policy, to protect your earnings when your business is unable to operate.
   
   
2. Professional Liability Insurance
   This insurance type is also known as the Error and Omissions Insurance. This type of insurance policy provides a cover to protect your business from failure claims, which is due to harm that results from failure or mistakes to perform. Each industry has their own set of concerns, which would be addressed in a business written customized policy.
   
   
3. BOP or Business Owner’s Policy
   This is a packaged policy that provides all the required coverage that a business owner needs. Usually, BOP includes vehicle coverage, business interruption insurance, crime insurance, property insurance, and liability insurance. Depending on your businesses’ needs, you can change what is included in the policy.
   
   Typically, this policy allows business owners to save more money than investing in individual coverages.
   
   
4. Worker’s Compensation
   This policy provides insurance to your employees who’ve been injured on the job. This insurance type provides medical benefits and wage replacements for workers that have been injured while working. And in exchange for these benefits, your employee would give up their rights to sue your company.
   
   It’s important to have this type of coverage to protect you and your business from legal complications.
   
   
5. Data Breach
   If your small business is storing non-public or sensitive data about your clients or employees, whether in servers, paper files, or computers, they would be responsible for protecting the information. If a breach occurs from a paper file or electronically, the Data Breach policy will provide your business with protection against loss.

Conclusion:
Starting a business isn’t easy and requires lots of money. Therefore, in order for you to ensure your businesses’ safety, you should invest in a few types of insurances that can keep your small business afloat.

At Insurance Agency Network, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (425) 681-0996. Get your free quote today by CLICKING HERE.