There are numerous types of business insurance available, and you will likely need a combination of multiple policies to protect your business judi online. It is highly recommended that you speak to an insurance expert to identify the specific policies necessary for your company. However, these are some primary types of insurance that most small businesses will need.
Business owners policy: A BOP is usually a combination of general liability coverage (e.g., bodily injury, property damage, personal or advertising injury, medical payments, products-completed operations, and damages to premises rented) and property insurance. You can also add an employment practices liability insurance (EPLI) policy to your BOP to cover your employees.
Business interruption insurance: Also known as business income insurance, this is one of the most common types of business insurance. It helps you recover lost income and pay operating expenses (e.g., mortgage, rent, payroll, loan payments, taxes) if your business is forced to shut down because of disasters like a fire, flood, theft or collapsed building. It can sometimes be bundled with your BOP.
Management liability insurance: Another comprehensive insurance package you may need is management liability insurance. This often combines insurance coverage like employment practices liability (essential protection for businesses with employees), fiduciary liability, and directors and officers (D&O) liability (essential protection for businesses with a board of directors).
Workers’ compensation insurance: If an employee is injured at work, workers’ comp can cover their medical costs or lost wages. Workers’ comp and disability insurance are often required by law.
Errors and omissions (E&O) insurance: If you offer professional services, you will want to acquire E&O insurance, also known as professional liability insurance. This type of coverage protects you in the event that a customer or client claims your services caused them financial distress. This is especially important for consultants and financial advisors.