Insurance policies

4 types of insurance policies your business should have

Insurance policy

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Running a business is hard enough without having to worry about potential accidents or disasters that could occur. That’s why it’s important to have insurance policies in place to protect your business against these types of events. In this blog post, we will discuss four types of insurance policies that are essential for every business. Consultation with insurance experts like Michael Zelman can also help.

1. Property Insurance.

Property insurance covers your business property against damage caused by fires, windstorms or other natural disasters. It also protects the contents of your building in the event of theft or destruction by burglary. This type of policy is usually included as part of a package when you purchase an existing business and its assets.

However, if you are starting a new business, you will need to purchase home insurance separately. The cost of this policy will depend on the value of your business property and the coverage limits you choose.

Tip: Be sure to review your policy regularly and update it as your business grows. If there are any changes, contact your insurance company immediately.

If you are self-employed and no employees or contractors work for you in person from your home, consider purchasing a separate policy just for your home-based business.

2. Liability insurance.

Liability insurance covers your business and its assets against claims of negligence or wrongdoing, such as bodily injury to employees or customers on the premises. It also protects you from liability for damage caused by products sold in your workplace (such as faulty goods).

Liability insurance is also important for businesses that operate online, as it can protect you against lawsuits from customers who believe they have been wronged.

Tip: When looking for professional liability insurance, be sure to find out about policy limits and what is covered. For example, some policies only cover certain types of injuries (like those that occur in your workplace), while others offer worldwide coverage.

You should also find out if the insurance company offers a “duty to defend” clause. This means that they will provide you with legal representation if you are ever sued.

If your business has no employees, you may be able to purchase a liability insurance policy that will cover you and your family members.

3. Business interruption insurance.

Business interruption insurance helps cover the cost of lost income and expenses caused by a disaster or other event that causes your business to temporarily close. For example, if there is an earthquake in Los Angeles and you own a restaurant near Universal Studios Hollywood theme park, then this type of policy would help pay for lost revenue while the tourist attraction is closed due to earthquake damage.

Tip: To get an accurate quote on this type of insurance, provide information about the revenue your business generates each year (including sales tax), as well as any special expenses that may be incurred during a disaster or disaster. another event such as power outages.

Depending on where you live, you may find companies that offer business interruption insurance for small businesses. If you are self-employed, you may be able to get coverage through your home insurance policy. However, coverage will likely be limited, so it’s important to shop around and compare rates.

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4. Cyber ​​Liability Insurance.

Cyber ​​liability insurance covers companies against data breaches and other cyber attacks. It may also include coverage for losses resulting from website defacement, intellectual property theft, or malware damage.

Tip: Most companies already have some form of cyber policy in place that protects them if their own systems are hacked and sensitive information is stolen. However, it’s important to make sure you have adequate coverage so you don’t pay out of pocket for damages caused by another company’s negligence or lax cybersecurity practices.

Tip: Some cyber liability insurance providers offer policies with no deductible if a claim is made within the first year of purchase; this helps protect against unexpected expenses.


As a business owner, it’s important to have the right types of insurance in place to protect you and your business. By purchasing insurance, you not only protect your assets, but you also put yourself in a better position to recover from any disasters or potential events that may arise.

Category: Local News, NEWS