For business owners, doing some minor background research on the type of insurance your business may need can make the entire process of obtaining insurance quotes much easier. By doing this, it allows you to not only be prepared, but it also helps the insurance agent find the best policy for you based on your scope/line of work. In addition to the above, we encourage all business owners to invest in some type of insurance policy to avoid losing everything they’ve worked for due to a lawsuit.
Therefore, to help those new upstart business owners, here is a list of 5 important business insurance policies you should know about.
- Public Liability
- Employer’s Liability
- Personal Accident Coverage
- Key Man Insurance
Public Liability – Public Liability, even though not mandatory should be the most basic level of coverage all small businesses should acquire. PL insurance is designed for those professionals who interact with customers or members of the public daily. It protects them against any claim that may result from personal injury or property damage that a third party may suffer.
Employer’s Liability – This type of coverage protects the employer from being hit with a lawsuit by one of its own employee’s due negligence on the company’s part. For example, something as simple as not having the right protective gear or making sure the environment your employees are working is safe can land you in court if anything were to ever go wrong.
Personal Accident – This type of coverage protects you the business owner in the event of an injury, disability or even an accident that may result in death. This type of policy has nothing to do with your own personal life insurance or your health insurance. It simply provides compensation for those parties affected due to any one the above circumstances.
Key Man Insurance – This policy starts by taking out life insurance on the key individual in a company and having the business as the beneficiary. For a small business, this is usually the owner. This policy is taken out on the individual whom without them, the company cannot have continued success and therefore instead of the company going bankrupt, the life insurance policy would step in and either help them along until they can find someone to replace that individual or pay off any debts owed and close down the business in a decent manner.
Cash-In-Transit – This is basically an insurance policy which will cover you if you were to ever lose money or had it stolen while transporting it from one location to the other. This is mainly suggested for small businesses like shops and bars etc. who usually make either daily or weekly visits to and from the bank. These visits are usually to conduct some type of monetary transactions.
Now that you have a general idea of the basics, go ahead and give us a call at 1-246-537-0140 that we can help you not only find the lowest quote, but the best business insurance policy to suit your needs. You can also visit us at BestQuoteBB.com.