Having cybersecurity insurance is one of the trends in insurance at the moment. Eventually, you will need medical care of one kind or another, and without insurance, even simple procedures can cost an arm and a leg. Get a quote today. If you are in the business of manufacturing products, you need this insurance. Property Insurance : If you own your building or have business personal property, including office equipment,... 3. Commercial general liability insurance protects your business from the repercussions of liability due to your business’s negligence. Professional liability insurance.. Professional liability insurance, also known as errors and omissions (E&O)... 2. Commercial General Liability (CGL) Insurance . You and your business can obtain coverage from claims of injury or property damage caused from business operations. Negligence, in this case, means the failure to exercise the required amount of care to prevent injury to others , such as a customer, an employee, or even an innocent bystander, due to your business's actions, services, or products. If your business owns or rents a property, commercial property insurance may be a wise decision. 5 Types of Insurance for New Business Owners - MP Davis Insurance Agency. “This type of insurance also known as Errors & Omissions insurance (E&O) protects a business against claims of negligence, failed services, or incomplete services. The different types of business insurance that you need to be aware of are: Public liability insurance; Employers’ liability insurance; Product liability insurance; Professional indemnity insurance; Business interruption insurance; Business property coverage; Key-man insurance; Credit risk insurance; Cyber insurance Professional liability protects you against claims due to negligence, misrepresentation, bad advice (even if you think it is good advice) or losses due to the services you provide. This covers legal expenses if someone says a product you manufactured, sold or distributed caused an injury, damage or loss. Learn about the different types of insurance your business needs. You’ve worked hard to develop your business, and now it’s time to protect your investment and get the most out of your company. 5 Types of Business Insurance 1. Some types of insurance are compulsory. General liability insurance. Natural disasters, storms, and even terrorism are all factors that can wreak havoc on your professional life. You don’t want to leave your business open to these types of situations, and the broader the protection, the better. Article Source: http://EzineArticles.com/expert/Karen_Johnson/2212166. Top 5 Types Of Insurance For A Small Business 1. You might face a lawsuit for the income the restaurant lost due to the delayed opening. Since the laws regarding Workers’ Comp can be different depending on where your company is located, it’s important to work with an insurance professional to make sure you’re getting the coverage that’s required, as well as what you need for your particular business. ”. 5 Types of Business Insurance and Why You Need Them One thing you should know, however, before jumping in head first is the risks you will be exposing to yourself and your new business. Professional liability insurance could help protect you with the costs associated with the lawsuit. Before you begin operations, it’s crucial to have protection against numerous risks. There are two types of Property Insurance: “all-risk” policies cover just about everything, and is a good way to avoid duplication or overlap of coverage, as well as gaps in trying to cover your liabilities. Most businesses wouldn't want to buy this coverage alone. Accountants, lawyers, writers, photographers, designers, consultants and many businesses should consider liability coverage. A business can also offer special “Key Person” policies for employees without whom the business could not function. 4. It’s possible to combine some of these basic coverages as a package policy, often referred to as a Business Owner’s Policy, or BOP. Nevertheless, there are some essential types of insurance that every small business should have from the get-go to protect its growth. It pairs well with general liability insurance and other business insurance. General Liability Insurance. You don’t want to leave your business open to these types … This is particularly important if you or your business have experienced any major changes, such as change in family status, or a significant increase or decrease in business activity. If you are not covered, you could have to pay for damages out-of-pocket. This type of insurance is particularly important if you have a service-based business, but can also be necessary for other types of businesses as well. Glass. Some examples of small business types that should have this coverage include: Graphic designers; Web designers; Copy writers; Consultants; Accountants; IT technicians; Brokers