Owning and operating your own business involves a lot of different variables; and more than often business insurance is put on the back burner. Business owners know they should have insurance and may scan over their policy assuming they have the important protection they need without reading the fine print. Insurance coverages can vary greatly from carrier to carrier and you shouldn’t wait until a claim arises to find out you are missing key coverage.
5 Necessary Types of Insurance for Business Owners
General Liability Insurance
Commonly referred to as “slip, trip, and fall” coverage. General liability protects you from a variety of claims including bodily injury, property damage, personal injury and etc. made against your business. General Liability Insurance can also help cover the costs of claims from your business damaging someone else’s property.
Property Insurance
Property Insurance includes many types of coverage for damages caused by fire, flooding, theft, weather damage, and other risks. Designed to handle the risk that a person will suffer financial loss from because something they own was damaged or destroyed.
Workers Compensation Insurance
Insurance that covers an employer’s obligations under workers’ compensation laws, which make the employer responsible for stated damages in the event of a work-related injury or illness; also covers the insured’s liability for work-related injuries under common law. Workers’ compensation insurance provides medical and wage benefits to people who are injured or become ill at work.
Commercial Auto Insurance
If you or your employees use a vehicle as part of your business, commercial auto coverage can provide protection in the event of an accident. This form of insurance generally helps mitigate your risk of paying out of pocket for repairs, injuries, and potentially more.
Excess Liability/Umbrella
This type of policy provides broad coverage for an insured’s liability over and above liability covered by an underlying contract (your general liability coverage for example). An excess liability policy may also cover losses that are excluded by the underlying policy
Ensure You’re Covered
An estimated 75% of businesses in the U.S. are underinsured by 40% or more. That number is staggering and speaks volumes of how business owners have had the belief or experience of insurance policies being too costly and not worth the money on their end. At Conifer Insurance, we want to help business owners find the coverage they need, specific to their industry, and eliminate these stigmas by providing competitive and comprehensive insurance products.
