The 4 Most Beneficial Types Of Insurance For Small Business Owners
Small business owners have a lot on their plate. Not only do they need to worry about the day-to-day operations of their businesses, but they also need to be prepared for any potential disasters that could occur. One way to help protect your business is by purchasing insurance policies.
While there are many different types of insurance available, not all of them will be beneficial for every small business. So whether you are just starting or have been in business for years, here are four types of insurance that you should consider getting:
If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
Best Types Of Insurance For Small Business
- General Liability Insurance
- Property Insurance
- Professional Liability Insurance
- Workers’ Compensation Insurance
Beneficial Types Of Insurance For Small Business: EPLI Insurance
If you have employees, then you need to be aware of the potential risks that come with having a workforce. From discrimination and harassment claims to wrongful termination suits, there are a variety of risks that your business could be exposed to. Employment practices liability insurance (EPLI) insurance can help protect your business from these types of claims. This type of policy can cover the costs of legal fees, settlements, and judgments if you are sued by an employee. If you want to know more about what is EPLI insurance and how to get it, talk to your insurance agent and find the best policy for your business. EPLI insurance is not required by law, but it is something that every small business owner should consider purchasing.
Below is a useful table about popular insurance companies in the UK based on what they offer and their Trustpilot rating:
Beneficial Types Of Insurance For Small Business: Business Interruption Insurance
If your business is forced to close due to a natural disaster or other unforeseen events, then you could be facing a significant financial loss. Business interruption insurance can help cover your lost income and expenses if your business is forced to suspend operations. This type of policy can reimburse you for things like lost revenue, alternative accommodations, and employee salaries. It can also help cover the costs of relocating your business if necessary. And if you have to close your business permanently, business interruption insurance can provide you with financial assistance as you rebuild.
Beneficial Types Of Insurance For Small Business: Product Liability Insurance
If you sell products, then you need to be aware of the potential risks that come with selling merchandise. If a customer is injured by one of your products, they could sue your business for damages. The best way to protect your business from these types of claims is to purchase product liability insurance. This type of policy can help cover the costs of legal fees, settlements, and judgments if you are sued over a defective product. Depending on the type of products you sell, you may need to purchase more than one policy to fully protect your business.
Beneficial Types Of Insurance For Small Business: Commercial Property Insurance
If you own a physical business location, then you need to make sure that it is properly insured. Commercial property insurance can help protect your business from damage caused by fires, floods, and other disasters. It can also cover theft, vandalism, and other types of property damage. Depending on the value of your property and the type of coverage you need, commercial property insurance can be expensive. But it is a vital form of protection for any small business owner who owns a physical business location.
As you can see, by purchasing the right policies, you can help protect your business from a variety of risks. So if you haven’t done so already, be sure to talk to your insurance agent about the best way to insure your business.
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James Ward is CEO & Founder of CompareYourBusinessCosts.co.uk, a website that won ‘Website Of The Year’ on its second year of operations in 2015 and his since grown organically to offer comparisons on all business services such as Insurance, Energy, Telecoms, Card machines and much more.