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Businesses face many risks from physical damage to lost revenue to personal injury court cases. To stay afloat after losses, businesses can purchase many types of business insurance that cover liability and direct damage as well as protection for employees. Consider which types of insurance work best for your company.
Your business can buy a range of insurance to protect against both general and specific types of damage. Coverage to consider:
Many different businesses purchase these types of coverage for everyday operations:
You may also need insurance to protect your business from risks as an employer while covering your employees. Types of employer insurance:
Because different industries involve special risks, insurance companies have developed policies to protect those businesses. These include:
Although businesses have many options for insurance, only a few types are required, depending on the state. Types of insurance that are commonly required:
The right insurance for your business will depend on several factors, including your business’s industry, size and structure. To narrow it down, ask yourself a few questions about your business:
|Key questions||Answer||Coverage you may need|
|Do you make or sell goods to customers?||Yes||Product liability insurance|
|Do your customers come to your business in person?||Yes||Public liability or general liability insurance|
|Do you give professional or medical advice?||Yes||Professional liability insurance|
|Do you have employees working for you?||Yes||Workers compensation, employment practices, employee fraud or benefits liability|
|Do you own business property or equipment?||Yes||Commercial property, equipment breakdown or inland marine insurance|
|Do you perform business online?||Yes||Cyber liability insurance|
Receive extra liability coverage with an umbrella policy from these top insurers, though they may require you to have car insurance through them.
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