12 Mar Business Insurance Basics

No matter what industry you’re in, business insurance is crucial to making sure you can focus on improving and growing your company. Whether you own a beauty salon or an architectural firm, business insurance looks after the everyday risks your company naturally runs into so you don’t have to worry about it.

If you’ve just started your own business, you may have a lot of questions like “what does business insurance cost?” or “what are the different types of business insurance?”. Even if you’re an experienced entrepreneur, brushing up on your options can ultimately save you a lot of money in the long term. Keep reading to learn more about the basics of business insurance and how it can safeguard your company.

What Are the Types of Business Insurance?

There are six main types of business insurance coverage you can take to cover your business:

Public Liability

This type of insurance protects you and your business if someone claims that their property has been damaged, they were hurt, or became ill because of you or one of your employees. No matter what line of work you’re in, accidents can happen and they don’t have to be directly related to your service. For example, public liability insurance protects you if a passer-by makes a claim and helps you to cover legal and compensation costs.

Professional Indemnity

This type of insurance protects you and your employees if it is alleged that you have been negligent, or a client believes you did something wrong that led to reputational or financial damage.

Product Liability

This is an added level of protection for your public liability coverage. If someone complains about a product you are involved with, you’re connected against any costs. This type of insurance is especially important if you work in the retail or technology sectors.

Cyber and Data Insurance

Cyber insurance services are especially beneficial for those in the marketing or computer programming professions. However, any business can experience a cyberattack so if you handle and store a lot of information digitally, cyber insurance can keep your business running while recovering from a cyberattack.

Employers’ Liability

This insurance protects your business if an employee is injured or becomes ill on your premises and claims it’s because of something that happened at work.

Personal Accident Insurance

If you or an employee is unable to work due to an accident, this will help cover your business. If a serious accident affects you and prohibits you from working, this type of business insurance pays out a lump sum.

How Much Does Business Insurance Cost?

 As with most insurance policies, the cost of your business insurance policy will vary depending on numerous factors. Factors such as:

• The number of employees you have.
• What profession you are in.
• The amount of coverage you need.

There is a lot to consider when insuring your business. Make sure you sit down with someone who’s experienced in creating business insurance policies when deciding what types of coverage you need.

No matter what size your company is, from a tiny start-up to a large corporation, having the correct business insurance policy in place is crucial to ensuring that your company will be around for many years to come. At Cyber Guard, we specialize in business insurance policies that are customized to fit your business needs. Contact us today to learn more about how we can help you protect your business.