Business insurance is crucial to protect a business, no matter how small, from potential risks. Insurance agents can take a look at your business and help you decide what type of business insurance works best. Here is a quick look at three common types of business insurance.
Commercial liability insurance covers claims against a business by third parties. This includes injuries that happen on business grounds making the company legally liable as well as damage to company products and property.
For example, if a customer slips and the injuries are significant, he may choose to sue the business in order to pay for medical expenses and receive compensation for his injuries.
Fidelity insurance, also known as bond insurance, protects a business from dishonest employees. If employees have access to sensitive material including banking information, fidelity insurance is important because it covers asset protection, external fraud and technology risks.
In the event a business is forced to stop operating, this type of insurance covers the losses or damages if an owner can prove loss of income in order to get the business up and running again.
If a business owner is interested in purchasing more than one type of business insurance, companies offer package deals instead of issuing separate policies and premiums.