The Different Types of Insurance Needed to Protect Your Business
Business Owners Need Suitable Insurance Coverage to Protect vs Financial Loss
It should not take much convincing for people to appreciate that a wide range of responsibilities is inherent in owning and operating a business; just ask a business owner. They must concentrate on the demands and requirements of their customers, suppliers, employees, and perhaps any investors and creditors daily, all while respecting their expense forecasts and demonstrating that the business is profitable.
The ability to manage all of these responsibilities consistently and thus realize the goals and revenue targets of the business can be advantageous to the owner or group of owners. This is undoubtedly the vision that ownership had in mind when the business was established.
However, one cannot entertain thoughts of operating a business without consideration of the potential risks in any such venture. Unfortunately, business ownership is often not a bed of roses, so to speak; in addition to its multitude of responsibilities, it can be fraught with worries about stability, longevity, and protection from internal or external threats.
Consequently, one of ownership’s most significant needs and responsibilities is to ensure that their business has adequate insurance in place to safeguard their interests and the welfare of any employees. From a global perspective, business insurance offers protection and peace of mind for situations that can include but are not limited to:
- Litigation due to product liability
- Legal action over accident or injury
- Loss of assets from theft or natural disaster
- Fulfilling contract or vendor terms and conditions
- Temporary loss of revenue from business interruption
Business insurance is more umbrella-like than any insurance product that business owners can purchase; it refers to a collection of various types of insurance needed to protect an owner’s personal and operational assets fully. Listed below are the different types of coverage that should be included in any business insurance policy, as recommended by the knowledgeable insurance brokers from PetleyHare:
- Covers equipment, inventory, and furniture loss from fire, storm, or theft.
- A non-negotiable component of the policy is whether space is owned or leased.
Auto or Vehicle Insurance
- For company vehicles or personal cars used to carry goods/people for a fee.
- Protects owner against liability if car accidents occur while on company business.
Product Liability Insurance
- A safeguard for lawsuits initiated due to damage caused by company products.
- Insurance coverage, in this case, can be customized to a specific type of product.
Professional Liability Insurance
- Insures against claims of negligence resulting from errors or a failure to perform.
- Another facet of insurance coverage that can be adapted to a product or industry.
Business Interruption Insurance
- Compensates a business for loss of income after catastrophic events.
- This most applies to companies that use a physical location to conduct business.
Equipment and Inventory (Home-Based Businesses)
- Insurance coverage for an in-home business re: equipment and inventory loss
- Such protection is above the homeowner’s property insurance policy.
Ensuring that the appropriate types of insurance coverage are in place for their particular businesses can help owners avoid significant financial losses resulting from litigation or a catastrophic event. Consulting with an experienced insurer broker, like a knowledgeable representative from PetleyHare, will assist in determining the specific needs of a respective business and initiate that level of coverage as quickly as possible.
Business Insurance Solutions Tailored to Your Personal and Commercial Needs
For over 100 years, PetleyHare has been supporting Durham Region business owners in developing customized insurance solutions to satisfy the specific needs of their operations. In what has now become a far more litigious society, business insurance is essentially not open for discussion; business owners need to protect themselves against potentially irreparable damage and financial loss.
The experienced professionals at PetleyHare can help start-up and existing business owners acquire the appropriate insurance solutions to meet their personal and commercial needs. These solutions can be tailored to protect owners against risks about such matters as:
- Judicial proceedings
- Environmental liability
- Transportation of goods
- Commercial property damage
- Operation of commercial vehicles
- Manufacturing defects (product liability)
- Errors and omissions (professional liability)
- And much more …
To determine the appropriate types of insurance coverage to protect your business, call us at 1-800-216-5324 today to speak with one of our knowledgeable representatives or contact us to arrange a no-obligation consultation.