Statistics show that there is a 40% chance of small businesses filing a claim. This means that it will likely be beneficial to have the proper coverage for your business if you do need to make a claim.
What is the best small business insurance? How many different insurance options are there? Is insuring a business easy to do?
Educating yourself on the different options can allow you to make a more informed decision regarding predicting what coverage you may need.
Keep reading to learn about the different types of business insurance.
What Are the Types Of Business Insurance?
There are several different options for business insurance that cover a variety of areas. Depending on your industry, you may need different insurance than the companies that you work with.
One important type of insurance that every business needs is a form of liability insurance. In its most basic form, liability insurance protects the assets of your business and takes on the cost of any legal fees you incur.
As an example, if a shelf in your warehouse falls on an employee or a customer who gets injured in your store, your liability insurance will cover the medical costs of these injuries. It is difficult to predict when or how someone can get hurt, so having coverage that highlights many different areas of potential liability will ensure you don’t have to pay.
Transportation Insurance
Having transportation insurance is important if you handle your own shipping and receiving for your business or have any employees operating a company vehicle of any kind.
It is important to find the right type of transportation insurance because it can help provide protection for your cargo and cover unexpected costs that could delay your logistics path from the ordering to fulfillment stages. An example of this could be your delivery truck getting involved in an auto accident. Regardless of who caused the accident, your driver would be covered along with the cargo that they are transporting.
Check out brysoninsurance.ca for more information.
Data Breach Insurance
Data breach insurance is an example of a very specialized type of insurance for your business that serves one simple purpose. As technology continues to evolve and integrate into every area of business, the risk for malicious acts also rises.
You may hear of businesses getting hacked or having certain customer data compromised. This happens quite frequently and if you do not have the proper protection, your business could lose thousands of dollars and experience a decline in customer loyalty.
Get Insurance Today
Now that you have read more about the different types of business insurance, you can get the right coverage for your business today. Your familiarity with the insurance options will allow you to make a more educated decision on the best fit for you.
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