Launching a start-up requires a business owner, entrepreneur, or leader to invest all their time and money into the organization, regardless of whether the investment will be fruitful. Due to this, it only makes sense why management puts various security protocols in place to protect their capital and employees.
One of the best ways to ensure that a business and its assets are protected is by investing in various types of insurance. Yet, due to the overpopulated insurance sector, it can be challenging to determine which policies will be helpful and which ones will not.
From comprehensive car insurance to professional liability insurance, we list several types of insurance that business leaders should consider investing in to ensure that their business is covered against as many problems as possible – keep reading to find out more.
1. Comprehensive Car Insurance
Especially if the business has a company fleet, one type of insurance that business leaders should consider investing in is comprehensive car insurance. Often referred to as ‘fully comp,’ or ‘other than collision,’ car insurance is a policy that can help businesses pay for the damage to company cars for all claims relating to theft, natural disasters, vandalism, civil disturbances, falling objects, and more.
Unlike third-party insurance, comprehensive car insurance is a more cost-effective method of car insurance since it offers a higher level of cover than other third-party policies. However, it does not cover collision damage, legal fees, medical expenses, stolen property, lost income, or damage to another person’s vehicle.
Consider reaching out to property and casualty insurance leaders like The Hartford for more insight. They provide various business-use policies, from comprehensive car insurance to professional liability insurance. Visit their website or contact a team member directly to see how enlisting their services could help protect your business today.
2. Professional Liability Insurance
One of the most popular pieces of insurance for business use is professional liability insurance, which covers an organization against any claims of negligence, misinformation, and misrepresentation.
This is useful to invest in, mainly if your business primarily deals with offering products or services to customers directly, provides professional guidance for a fee, or requires customers’ signatures no matter how careful your company might be or how many safety measures you implement, the scope for errors is never entirely erased.
Should a customer be displeased with the service they’ve received from your company, professional liability insurance will protect the business and its assets against any legal action that they may take against you – significantly reducing the chance for errors.
3. Business Income Coverage
Also known as business interruption insurance, business income coverage is another piece of insurance that business leaders should consider investing in. These insurance policies help businesses replace lost capital if they’ve had to close temporarily due to unforeseen circumstances such as theft, natural disasters, etc.
For instance, suppose that your business suffered significant damage during a fire and had to close for several months while repairs were made. Once you reopen, you will have lower sales than before the accident; investing in extended business income will help support you during this slow period until you get back on your feet.