Here are some of the basic types of business insurance:
? Business Property and Contents Coverage. You never know when a disaster will hit, i.e., fire, flood, or other natural disaster. Be sure to check on coverage for your computers, data, and software. Flood and earthquake insurance may need to be purchased separately.
? General Liability Insurance Coverage. This will cover you from claims from others who are injured or have their property damaged while on your property. This may involve your employees or visitors to your business, such as customers or delivery people. Work with your insurance agent to be sure you have adequate coverage.
? Health and Medical Coverage. As your business grows, offering some type of health insurance for your employees may help in attracting and retaining employees. Consult a health insurance broker for your options.
? Directors and Officers Coverage. Protects the directors and officers of a corporation from personal liability in the event of a claim against the business.
? Key Executive Life Coverage. Key employees are critical to your organization, so make sure you have adequate insurance.
? Vehicle Coverage. Covers liability for injuries involving the vehicles owned and operated by your company.
? Disability Coverage. Pays a portion of the salary of a worker who has sustained an injury and can no longer work.
? Web Site Coverage. A relatively new type of policy, it is growing in importance. This type of insurance protects you against any claims or actions taken in conjunction with your site.
? Workers' Compensation. Pays claims filed by employees hurt on the job including medical bills, lost wages, and potential lawsuits. You need to check if this is required in your state.
? Loss of Business Income. Provides replacement of income when your business is damaged or closed for reasons found in the policy.
? Home-Based Business. If your business operates from your home, you may need to add a separate rider or buy a separate policy to cover the business. Typically homeowners' insurance does not provide coverage for the business.
? Unemployment Insurance. A state and federal program that provides unemployment coverage for employees who may leave your firm.
Final note: Often it is possible to buy special riders for specific coverage issues your business may have, such as extensive equipment or substantial inventories kept on hand.
