The following are 7 types of insurance you need as a owner/CEO of your own business in order to keep yourself protected. However, different businesses warrant different types of insurances so don’t think you need to have all 7 of them.
1. Professional Liability Insurance
Some may call this one errors and omissions insurance. This insurance will protect a business from negligence claims due to harm that come from mistakes or failure to perform. It varies from industry to industry but this is definitely one you want to have.
2. Property Insurance
This one is a must when owning or leasing property. While this insurance will cover equipment, signage, inventory, and furniture in the event of a storm, fire, or theft it doesn’t always cover for floods or earthquakes. Depending on where your business is located, make sure you do your research.
3. Workers’ compensation insurance
In the event an employee hurts themselves while working or even dies, this will cover you. This covers medical treatment, disability, and death benefits.
4. Home-based Businesses
If you’re one to start your own business in your own home, this ones for you. Many think there actual home insurance would cover their business if it’s under their own roof but it doesn’t. Ask your insurer for additional insurance.
5. Product Liability Insurance
If your business sells manufactured products then you must have this insurance. No matter the amount of tests and studies you’ve conducted to prove your product is safe, you should still get this insurance. Some of the most craziest things have happened and you want to be protected against the worst case scenario.
6. Vehicle Insurance
If you use vehicles for your business then this a must. Even if you are just transporting materials from one warehouse to another local warehouse, you want to protect yourself from the most outlandish accident that could happen. If you use your own personal vehicle, your actual car insurance should have you covered already.
7. Business Interruption Insurance
A natural disaster can interrupt a business entirely. From customers buying products, to employees getting to work, to manufacturers making your product, it can be costly. This insurance will help compensate you for lost business during this time.