Insurance: Protecting Yourself, Your Loved Ones and Your Assets

What Are Some of the Different Types of Business Insurance Policies You Can Purchase For Your Business?

Protecting your business with business insurance should be one of your top priorities. However, you should know that generally, you can't just purchase one single business insurance policy that will completely cover and protect you and your business. Although there are some business insurance policies that include various forms of coverage, you will probably need to invest in more than one type of policy if you want to be sure that your business is protected as well as possible.

Workers Compensation Insurance

First of all, in many places, employers are required to have workers compensation insurance. This is not a type of insurance that is really designed to protect your company; instead, it's designed to protect your employees. Basically, workers compensation helps with things like covering medical expenses and loss of income for employees who get hurt on the job.

Public Liability Insurance

Public liability insurance is insurance that protects you and your business in the event that a member of the general public — such as one of your customers — gets hurt in some way while on your commercial property. It's important to have a big enough public liability insurance policy to cover things like medical expenses, loss of income, and more for someone who might happen to get hurt on your property at some point.

Income Protection Insurance

As a business owner, you probably rely on the income from your business to cover your personal bills and take care of yourself and your family. Since you own your own business rather than working for another company, you don't have the same protections that an employee has if you lose income, such as unemployment. However, this does not mean that there is nothing you can do to protect yourself in the event that you lose income because of something that is out of your control. Instead, you can go ahead and purchase income protection insurance, and if you do end up losing income because of something going wrong with your business — such as if you have to close your business because of storm-related damage — you can hopefully get the money that you need to get by from your income protection insurance policy.

Commercial Vehicle Insurance

If your business uses vehicles, you will obviously need to be sure those vehicles are properly insured. You shouldn't just sign up for a regular vehicle insurance policy, however, since it probably won't cover your vehicle if something happens while it's being used for commercial purposes. Instead, you should make sure you invest in commercial vehicle insurance in particular.

For more information on business insurance, contact a professional near you.