While shopping for the suitable business insurance cover, it is not always an easy and straightforward job to research with the various options in front of you. The requirements of business insurance vary from state to state. The insurance companies do not call a particular kind of coverage by the same name. In many cases of coverage, a particular term might cover more than what it suggests. However, to makes things easy to understand about business insurance products, here is a list of the most common types of business insurance plans you can choose from.
Common types of business insurance plans
• Business Liability Insurance: Protects you, your customers and employees in case of any accidents.
• Commercial Property Insurance: covers the physical assets of your firm including the building, equipment, furniture, and the whole inventory. Even when you work from home, you can get commercial property coverage.
• Business Owners Policy (BOP): this is a comprehensive package that includes different kinds of covers like property, crime coverage, liability cover and so on. This kind of policy can be tailored to meet your specific needs of coverage.
• Commercial Auto Insurance: Protects your business and employees from different kinds of accidents pertaining to the operation of your vehicles.
• Crime Insurance: Covers the business from any losses due to crimes like burglary, vandalism and theft.
• Business Income Insurance: this kind of coverage ensures the payment of bills and covers the cost of expenses if your business has to close down temporarily due to some conditions.
• Commercial Umbrella Insurance: This is an additional cover you can buy when you feel your standard type of liability insurance plan does not provide you adequate coverage.
• Cyber Liability Insurance: Covers your business from a range of risks connected to electronic data, data breaches, computer attacks and data breaches.
• Equipment Breakdown Insurance: protects your business from a range of damages and expenses connected to computers, mechanical and electrical breakdowns.
• Business Interruption Insurance: Compensates for the loss of income during some crucial points and helps sustain the business flow in case some external forces have forced you to close the business.
• Workers’ Compensation Insurance: Protects your business from liabilities in case you need to cover the costs of an employee’s injury during a workplace related accident.
• Accounts Receivable Insurance: Covers your business against the losses sustained on account of the inability to collect the payments from customers.
How to know which plan suits your business the best
Property insurance and liability insurance are two most common business insurance plans every business must buy, even if you work from home. When you have vehicles, go for business vehicle insurance. When your business has employees, explore if you will need workers’ compensation insurance. Whether you will need other kinds of business insurance plans will entirely depend on the size of your business, your business model, location, age of your business and annual turnover. For discovering the right kinds of coverage specific to your industry, it is highly advisable that you work with an accomplished business insurance broker and get business insurance quote Alberta from different providers to compare and choose the best covers.