Types of Business Insurance
Business insurance protects your company from
Damage to the property due to fire or natural disasters
Third party liability
Employee injure or death
Loss of profits due to accidents
Business Insurance safeguards you and your employees from varied risks that are associated with the business.
Business insurances are not One Size Fits All, they are customized based on what is most needed for your company.
DIFFERENT TYPES OF BUSINESS INSURANCE AVAILABLE ARE –
1- Product Liability
The Product liability insurance is an essential if you are into the manufacturing business. It covers your company from the expenses of a lawsuit that may arise due to the damages caused by your products. It safeguards you from the risk that your product exposes you to.
In India, its compulsory to have a third party insurance both for commercial vehicles. So all the vehicles used for business can be insured with the vehicle insurance that saves you from the liabilities that can occur from unexpected damage or loss due to accidents etc.
3- Home Based business
We have all witnessed a high rise in the homegrown businesses given the pandemic and economic situation. The commercial property does not cover your home business. The home based business insurance will cover for your supplies, products and facilities is adverse situations.
4- Worker’s compensation
This insurance ensures employee’s protection from any health conditions or injury that may occur to them in their working period. This plan secures them with covers for disability, death, therapeutic care, etc. The benefits for your workforce gives them an assurance and security leading to their retainment and better outputs.
This insurance covers your company from any loss, damages or theft of property that your business faces. It is mandatory for you to insure your property in case of rented or personal business space. Most of your appliances, furniture, interior etc are safeguarded from the loss that may incur.
6- Professional Liability
It is also known as Errors and Omissions insurance that covers you from the loss due to mistakes, failure in performance or negligence. This insurance helps in protecting the company from liability of small mistakes of one employee which can lead to a big loss for the company.
7- Business Interruption
This insurance covers your company from the loss during a disaster or unexpected event which may occur due to the interruption in the day to day business operations. In these unpredictable moments, it’s difficult for the workforce to continue with functions of selling products, coming to office or production of goods and services. Retail stores of commercial outlets more likely need this insurance