A lot of risks is assumed by businesses owners as soon as they start their business. While speaking with a lawyer can help them limit some of their personal liability, they will want to purchase the right insurance for their business. This can depend on how large their business is and the type of business they own, but they do need to make sure they purchase insurance in case anything happens. Business owners should look into the following types of business insurance right away.
General Liability Insurance
Customers can be injured, no matter what the type of business is. If a customer is alleged to have been injured because of your business in some way, general liability insurance is going to provide defense against the accusations as well as the money to cover any court losses or settlements. Every business should have general liability insurance, even if they have more specific types of coverage.
Property Insurance
Just like owning or renting a home, having insurance is a must. Business owners can purchase property insurance to cover their building and everything inside if there is a fire, a storm causes damages, or something is stolen from the store. It is important to check what is included in the property insurance carefully as flooding and other weather events might not be included and may require a separate policy.
Product Liability Insurance
When business owners are looking into business insurance Massachusetts, this added coverage allows them to ensure they are protected in case anything happens to their customers as a result of their products. Although they will make sure their products are as safe as possible, there’s always the chance someone will be injured while using the product. This type of insurance includes defense against the civil suit as a result of the injury as well as the money to cover the payout if the customer receives a settlement or is awarded damages in court.
Business Interruption Insurance
When a disaster occurs, property insurance covers everything inside the building, but it is going to take a while for the business to get going again. Lost income can also occur during a disaster, leading to a significant loss in revenue depending on how long it takes for everything to be ready to open again. When it takes weeks for the building to be restored and products to be replaced, that’s weeks the business is not earning money. Business interruption insurance is coverage against the lost income during these types of events.
Data Breach Insurance
An issue plaguing businesses today is the risk of a data breach. Any sensitive or non-public information stored for employees or clients is going to be at risk and the business is responsible for protecting this information from a breach. Data breach insurance is designed to protect the business against loss due to a data breach to ensure the business can recover from a major issue like this.
As a business owner, it’s crucial to be prepared for anything that could happen to your business or because of your business. Look into these types of insurance today to get coverage just in case the worst happens. While you may not expect issues like data breaches or product liability issues, they are common and you’ll want to make sure your business is protected.
