When starting a business, you will face numerous problems on a daily basis. And, if you want to survive and stay competitive, you need to predict those risks and minimize their impact on your business’ performance. Luckily, there are numerous insurance policies specifically created to protect your business from those risks and keep its operations and finances satisfactory.
You just need to know what insurance policies to invest in.
Commercial Property Insurance
No matter if you own your offices or you’re leasing them, commercial property insurance should be your priority. This insurance policy covers your company for losses caused by fire, storm, theft, vandalism or any other calamity. This includes the expenses of the damage and replacement of all your business’ valuable assets, such as equipment, machinery, inventory, and furniture.
The cost of property insurance policies varies between $500 and $1000 per. High-risk businesses are, unsurprisingly, charged more. This is why you should consider investing in a comprehensive BOP policy mentioned below.
Also, keep in mind that this is a standard property insurance and that it usually doesn’t cover the damage caused by natural disasters like earthquakes or floods. If your business is located in such a vulnerable area, you should talk to your insurer and invest in a separate policy.
Business Car Insurance
If your employees use either your commercial vehicles or their own vehicles for the purposes of your company, you should invest in a car insurance policy. Unlike a standard car insurance policy that offers cover for commuting and social use only, business car policy is far more comprehensive. It covers the costs of traveling between multiple work locations, visiting clients- anything related to your business’ requirements.
Even though this means you’ll have to pay higher premiums for your business car insurance, it’s worth the investment, as these policies meet all your business’ needs, from insuring your employees to providing cover for the expenses of a road accident. Click here for iSelect car insurance quotes and find the best car insurance for your business.
Workers’ Compensation Insurance
Workers’ compensation offers insurance to those employees injured at work. It provides salary replacement and covers the costs of a medical treatment, disability or a death benefit for each of your staff members. Of course, to get any of those benefits, an injured employee or their family need to give up their rights to sue your company.
Simply put, apart from showing respect for your employees, this policy also saves you from potential legal problems. So, even if your staff works in a seemingly safe environment, such as office, investing in this form of insurance definitely pays off.
Cyber Liability Insurance
Today, the number of businesses transferring their operations to the digital ecosystem is rising at an astounding pace. It’s faster, safer, and more reliable. However, this leads us to one of the burning problems online businesses face and that’s cybersecurity. Namely, parallel with the growth of sophisticated online security practices, cyberattacks have also become sneakier and more intelligent. They can now spread across your entire network, without you even noticing anything suspicious.
Precisely because of this, if you use and store any form of employee or customer data online, you need to invest in a strong cyber liability insurance policy. If your customers’ data gets compromised due to a data breach, this insurance will protect you against any lawsuits filed by them.
Protecting your Business should be your Paramount
When starting your business, you cannot predict all the problems it may face in the future. There are numerous factors like natural disasters or thefts you cannot even control. This is why you need to choose the right insurance policies to back you up. They will protect you your business on multiple levels, giving it the opportunity to maintain its relevance and authority as it grows.