If you are the owner of a small business, you may wonder which insurance plans you should buy for conducting your business smoothly. Though general insurance companies offer a good number of plans, it is not necessary that you should buy all of them. But there are certain policies you should necessarily buy in order to run your company with peace of mind. Let us find out the plans you should buy.
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1. Liability Insurance
Almost all the companies, regardless of their size, should buy this insurance because it offers protection from the cost of handling the claims of those who are said to have been affected by the services or products you are offering. In addition, this policy will cover the damages to properties as well as the bodily injuries that may have been caused to these third parties as well.
2. Property Insurance
If your company owns a building, you must get it insured against risks such as smoke, fire, theft, or vandalism, You must get other items like office equipment, tools, inventory, computers, etc. insured also against these risks. These risks can cause interruption to the conduct of your business and so, you can add a clause that protects against losses that you may suffer due to such interruptions.
BOP is otherwise known as Business Owner’s Policy. This policy provides a wide cover that includes protection against losses due to business interruption. Property insurance, car or vehicle insurance, crime insurance, and liability insurance are also covered under this policy. If you are a business owner with a frugal mindset, you can benefit immensely by opting for BOP because you will get a wider cover at a reasonable cost.
4. Commercial Vehicle Insurance
Since there will be one or more cars or other types of vehicles owned by your company, you should buy Commercial Vehicle Insurance as well. This insurance will protect your company from losses that may be caused due to collisions or damages. If your company does not own any vehicle and if your employees commute to the workplace by their own cars or do official work by using their cars, you must buy what is called “non-owned auto liability insurance plan” for protecting your company against risks.
5. Worker’s Compensation
This policy insures your employees against risks like injuries they may sustain when they are doing their official work. This will provide them with wage replacement as well as medical benefits to those who are injured while carrying out the official tasks that have been entrusted to them.
In addition to the above, you must buy other insurance policies that include Professional Liability Insurance, that is also called Errors and Omissions Insurance, Data Breach insurance, etc. as well for protecting your entity from various types of risks that you may encounter along your entrepreneurial journey.