Insurances that a business need
Having the right insurance for every business is vital since no business is safe from certain risks and other elements that might harm a business. No matter how big or small a business might be, any catastrophic event or a lawsuit can easily wipe out a business even before it can stand its ground. Fortunately, businesses have a wide range of access to different insurance types to protect them from these risks and dangers.
These insurances are provided by insurance companies and service providers such as ISU insurance services. Insurances a business must-have will depend on its business needs. Here is a list of insurance
to help businesses have an overview of what they might need.
General liability insurance
This type of insurance is the most recommended for starting to medium businesses. General liability insurance or GIL helps protect a business from bodily injury claims that can happen within the business premises and during business operation. An example is when a client or a customer got injured on the business premises. This liability insurance coverage can help the business pay for its medical expenses.
This type of liability insurance is also known as errors and omission (E&O). It helps a business cover the claims related to certain mistakes in a business’s professional services. An example is when an accounting firm makes a mistake on a customer’s financial statement. The business will have to pay the penalty. If the customer decides to sue the business, professional liability can help shoulder the expenses and the legal cost.
Commercial property insurance
This type of insurance helps businesses secure their owned or rented buildings and equipment they use to operate. If there happens to be theft in the building, this insurance will cover the cost of replacing the stolen items.
Having the right insurance for any business means added security and assurance of a safer landing if there is a catastrophic failure or when facing complex challenges. Luckily, businesses have wide access to many different Insurances depending on their business needs. Insurance companies and service providers like ISU Insurance services are always ready to provide excellent services regarding your insurance needs.