Three Business Insurance – The top three types of insurance you need for your business are liability insurance, property insurance, and workers’ compensation insurance. visit http://directlineinsurance.ca for more information

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While competition and other market forces may be responsible for these closings, a surprising number of small businesses go under due to theft, vandalism, injuries and lawsuits. This is why all startups should consider investing in small business insurance.

Small business insurance is a special type of insurance that an entrepreneur can use to protect themselves, their business, and their business assets. Most small business owner policies (BOPs) include three broad categories of protections:

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However, depending on your niche or industry, you may need additional levels of protection. For example, a daycare center may face higher credit risk than a home-based e-commerce seller. Commercial insurance policies for a day care center or e-commerce retailer may reflect these differences.

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While balance of payments insurance premiums come in all shapes and sizes, the following are the most common types of insurance for small business owners.

Can your business survive if your store suddenly catches fire or a flood destroys your warehouse? With business interruption insurance, you get the money you need to help keep your operations running smoothly after such challenging events. Some policies also offer compensation so you can continue to pay employees a percentage of their wages until you get back on your feet.

Whether it’s a pandemic, hurricane, tornado, or wildfire, disruptors can be better equipped to deal with a hurricane or other disaster.

Important person insurance is similar to business interruption insurance. The main difference is that disruption is caused by the loss of a “key” member of the organization, such as an owner or founder. If the owner dies or falls ill, for example, it can be difficult to continue the business. With this type of insurance, the remaining owners or beneficiaries receive compensation; they can use that money to liquidate the company (pay off debts, provide severance pay, distribute money to investors) or hire and train a potential replacement.

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In most states, mandatory workers’ compensation covers injuries and illnesses resulting from work-related activities. For example, if an employee slips in the office and breaks their leg, workers’ compensation can often include:

General liability insurance covers potential injuries or property damage that customers may experience as a result of the products and services you sell. For example, a landscaper may accidentally damage a sprinkler system while mowing a client’s lawn. General liability coverage helps cover repair bills, legal fees, and potential fees.

If you sell physical goods, it may be a good idea to purchase product liability insurance. This protects you from potential legal action throughout the life cycle of the product.

This type of insurance, also known as commercial property insurance, is designed for small business owners who manage physical real estate, including offices, stores, warehouses, and equipment plants.

General Liability Insurance

With commercial property insurance, you can protect your property, equipment and property against damage or loss. Most policies cover fire, flood and weather related events. Be sure to read the fine print, however, as damages caused by “acts of God” may not be covered.

As data breaches and cyberattacks continue, many small business insurance policies have begun to include a new type of policy called cyber liability coverage. This type of insurance is designed to help businesses recover from data breaches and other types of cyber attacks. For example, having online credit protection can help provide you with the financial resources you need to:

However, cyber liability insurance is not a silver bullet solution. However, it is important to try to help prevent a data breach.

If you accept credit or debit cards, for example, PCI compliance helps reduce your risk of fraud and abuse. Adding security measures like tokenization and peer-to-peer encryption (P2PE) can help protect your customers’ sensitive data.

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For more tips on starting a small business, follow us or schedule a consultation with a Clover business consultant today.

This information is provided for informational purposes only and should not be construed as legal, financial or tax advice. Students should contact their attorneys, financial advisors or tax professionals for advice on any matter.

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