3 Types of Business Insurance You Should Consider
When starting a business, you take on a number of risks before even hiring employees or taking on clients. One seemingly small mishap can lead to a lawsuit, which could be enough to ruin a small business’ future. Luckily, there are many insurance programs designed to protect business owners against the many dangers within their industries. We recommend businesses invest in these top 3 insurance policies as soon as possible.
General liability insurance
General liability insurance helps protect business owners from costly liability claims due to accidents or injuries on their business property. For example, if a customer slips and falls in your business, general liability insurance can cover the medical expenses, repair costs, and legal fees regarding the incident. Without this coverage, the financial liability of the claim may be too much for your business to handle.
Commercial property insurance
Whether you own or rent your business property, commercial property insurance can help protect you from a variety of claims. Commercial property insurance covers the building, as well as any personal property, equipment, or inventory located at your business. Examples of events covered by property insurance include fire damage, theft, business interruption, and lost income.
Cyber Liability Insurance
Cyber Liability Insurance can help protect your business from damages related to data breaches, computer viruses, or other cyberattacks. With the increase in cyber threats due to the COVID-19 pandemic, it is now more important than ever to ensure your safety online. The last thing you want for your business is to lose access to your most important data and assets.
With the right insurance plan in place, business owners can feel confident managing daily operations as well as possible legal claims. Contact TCE to find out which plans are advised for your industry, and we will help you put them into place as soon as possible.