You always need business insurance coverage that will save your business in case of an untoward incident. To ensure the safety of your business, you should go for the following types of business insurance plans.
Commercial Property Insurance
The term commercial property covers a wide area. It includes buildings, equipments, computers, business papers, income, money and more. There are two main categories of commercial property insurance. The first type is the all-risk policy that covers a wide range of perils that your business might face. The second type of property insurance is peril-specific. It covers only specific dangers, such as fire, flood, storm, crime, or business interruption insurance. Most small businesses go for all-risk insurance policies. Whereas, business located in areas vulnerable to a specific type of danger, go for peril-specific insurance plans.
General Liability Insurance
These plans cover legal problems that you encounter because of physical injury, property damage and medical expenses. It covers the legal cost that you are likely to meet in the event of an accident, to meet the cost of defending libel lawsuits and the cost of acquiring settlement bonds or judgment required to appeal in the higher court of law.
Product Liability Insurance
You would need this insurance plan to protect against monetary loss that you might meet because of defect detected in your product, which might cause some form of physical injury to your customer. Your insurance plan will depend on the type of product you manufacture and sell. A person selling clothes is less likely to spend a large amount purchasing the product liability insurance plan, compared to the seller of hardware, machines, gadgets and appliances. Although you are a wholesaler, distributor or retailer and not the manufacturer of the product, even then you would be required to purchase this plan.
Professional Liability Insurance
While delivering your service errors and omissions might occur. The professional liability insurance coverage protects a professional against the financial loss that he or she is likely to encounter, in case of negligence, malpractices, omissions and errors.