Every business has its own unique set of needs and requires a different collection of insurance investment to protect it against unexpected calamities. There are, however, a few types of business insurance coverage that every company, of any size, should consider purchasing.
Liability: While the idea that every business should have liability coverage should come as no big shock, the type can vary based on the type of business run. There are three primary types, and which you select depends on how you operate:
- Professional: Covers judgments resulting from work delivered to clients with mistakes, errors, or other forms of negligence, for service-based companies.
- Product: Covers accidents and injuries that arise from defective products, for companies selling products.
- General: Accidents that occur in or because of your business. This is more blanket coverage and worth considering for any business.
Data Breach: Data breaches are affecting almost half the organizations storing sensitive data, according to the 2015 Experian Industry Forecast. To protect your business against the inevitability of an attack, this insurance has you covered and can help you prevent data leaks.
Business Interruption: If a major disaster disrupts your business – this coverage ensures that you can continue to pay the bills until operations can get back underway. It provides enough money to pay for the regularly occurring operating costs until your income returns.
Key Person: Have a person in your company whose loss would be a disaster? This covers your company in the event they become disabled or pass away.
Umbrella: Coverage for everything you and your insurance agent can’t foresee, umbrella insurance fills the gap where your other coverage falls short.
To get the best insurance coverage for your business, contact Allegiance Insurance Agency and discuss your needs and concerns with a skilled insurance agent. Contact an agent today for a quote.