It can be thrilling to be an entrepreneur, but do you have the proper insurance in place to protect you and your employees? Listed below are some types of insurance you will definitely want to consider as a new business owner.
1. Health Insurance
• Health insurance for yourself is always important, but it is just as important for your employees to be protected. You will want to offer insurance that will cover their needs, whether they are single or married.
• By offering multiple plans, you can leave it up to each one of your employees to choose the plan that will best fit their specific needs.
• Entrepreneurs will usually pay the single premium with employees paying for any additional coverage that may be required. You will need to know what your business budget will allow as far as the amount you can put towards each employee’s insurance plan.
• Check out a number of health insurance plans when you invest in coverage for yourself and your employees. There are many agents out there who can help you to provide the best policies depending on how many people you employ and how productive your business is at the current time.
2. General Liability Insurance
Even small, home-based businesses need to have some type of liability insurance. It offers protection against bodily injury and property damage allegedly caused by you, any of your employees, or products/services that your business provides.
3. Commercial Auto Insurance
If you or your employees drive business-owned vehicles, you will want to have commercial auto insurance to cover them. Even if you do not own company vehicles, you will still want non-owned auto insurance to cover liability if your employees use their own autos on company business.
4. BOP, or Business Owner’s Policy
A business owner’s policy will combine different types of coverage in one policy. Coverage may include protection for your vehicles, property and liability insurance, business interruption protection, and insurance providing protection against crimes. This type of policy will usually be cheaper in price as bundling services costs less than buying all of this coverage on an individual basis.
5. Property Insurance
This type of coverage is crucial if you own a building where your business is conducted or have business property such as computers, inventory, and/or office equipment. You will be protected against theft, fire, smoke damage, and other situations. You can also add a provision to your policy that will protect your business if you experience an interruption in services and/or loss of earnings as a result of fire, theft, etc.
6. Professional Liability Insurance
This policy, which is also known as Errors and Omissions Insurance, will provide protection if your business offers a service which allegedly has been improperly rendered.
When you own a business, there are many facts that you must take into consideration in having the types of insurance policies that will protect you as a business owner, all of your employees, and the business itself.