Eight Types of Business Insurance You Need Right Now

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Whether you have a retail store or a corporate office, you know you need insurance for that business. We live in a litigious society, and the right lawsuit can wipe you out financially in no time. But when it comes to business insurance, what most people don’t realize is that there are many different types available to you. This is good news because it means you’ll be covered in every aspect, and below are eight types of insurance you can choose whenever you’re ready.

  1. Business Interruption Insurance

Wildfires and floods are not uncommon in Canada, and they can cause a short- or long-term disruption of your business, which can be costly. With business interruption insurance from a provider like Northbridge Insurance, you’ll get paid for those times when your business cannot remain open through no fault of your own. Not only do you need insurance to protect the facility itself but also for loss of income.

  1. Commercial Auto Insurance

You already know how important insurance is for your personal vehicle, but if you have a company car or even a fleet of company vehicles, you’ll need separate insurance to cover it. If you drive a company vehicle on a regular basis, this is one type of business insurance to seriously consider.

  1. Commercial General Liability Insurance

When you own or operate a business, there is liability everywhere. You have to protect your business from things such as customers getting hurt on your property, defective products, and so much more. Between property damage and bodily injury alone, it’s easily obvious why this type of insurance is so important.

  1. Commercial Property Insurance

This insurance is much like homeowners’ insurance, except that it covers businesses and not homes. It protects from damages or theft of your furniture, office machines, computers, and all of your inventory and equipment, so it’s a very valuable type of commercial insurance coverage. The more equipment, tools, and belongings you own, the more important it is to have this insurance.

  1. Cyber Risk Coverage

In today’s tech-savvy world, this type of insurance is a must. Protection against cyber attacks is crucial because when you’re in possession of customers’ personal data, which can include their financial information, there is no such thing as being too careful. Cyber risk insurance protects your business from the worst scenario taking place. With so much work being done online these days, this type of insurance is more important than ever.

  1. Equipment Breakdown Insurance

If you operate a retail shop or are a skilled tradesperson, you likely have a very expensive inventory of equipment and other items, and every one of them needs to be well-insured. From ovens to table saws and so much more, having your equipment suddenly break down is never fun, so you need a type of business insurance that will cover it immediately.

  1. Product Liability Insurance

If you’re a manufacturer and someone is injured or harmed using one of your products, it can spell disaster for both your business and your life. This is why product liability insurance exists, and it is a miracle worker when it needs to be used. This insurance includes things such as products that cause property damage or bodily injuries, faulty products, and even illness resulting from the food you serve.

  1. Professional Liability Insurance

When someone brings a lawsuit against your business, it is both stressful and very expensive. This is why you need liability insurance designed just for businesses. This type of insurance covers the costs associated with any type of lawsuit that may be brought against your business, and small business owners need it, in particular, graphic designers, photographers, brokers, IT technicians, accountants, web designers, and many others.

Written by Frederick Jace

A passionate Blogger and a Full time Tech writer. SEO and Content Writer Expert since 2015.

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