The first step to buying corporate insurance is choosing the right type of insurance for you and your company. Usually there are so many types that you have to choose from that it becomes really difficult to choose the one that will be most suitable for you. Here is a list of all the major types of corporate insurances that are available in the market so that you can make a more informed decision before you actually buy the insurance.
General Liability Insurance
This is the most basic type of insurance that every single institution should have irrespective of the size. It gives you and your company a defense against any damages that are caused are alleged to be caused by you, your product, your company or your employee.
This type of insurance helps to cover any damage that is caused to your property which also includes any type of office equipment, inventory, tools, and computers. The damage can be caused due to a fire, vandalism, smoke damage or even theft.
Business Interruption Insurance
There are certain times when you are not able to work due to various reasons some of which have been mentioned above. By choosing business interruption insurance you will be able to cover these losses and not lose out too much profit.
Business Owner’s Policy
The business owner’s policy is a bundle insurance that can cover most of the different liabilities that a business owner may face during the running of their business. As this type of insurance covers a variety of different services it may be a more economical choice for the business owners as opposed to choosing to get individual insurance for different aspects of the business.
Commercial Auto Insurance
This type of insurance helps to protect all the vehicles that are owned by the company. It helps to protect the vehicles that are used to transport the employees or those vehicles that transport the different equipment or products of the company. For those companies that don’t own vehicles but the employees use their own vehicles for office work they can choose non-owned auto liability.
This type of insurance comes in useful in case the employee gets injured on the job and that workmen get the compensation they deserve in the case of a mischap. It helps to compensate the medical bills and the employees’ wages when they are not able to work and need medical attention. Choosing this kind of insurance is essential as it will protect you from legal complications in the case of a mishap.
Professional Liability Insurance
The type of insurance is needed in cases where the company fails to provide or improperly provides a professional service to the client.
Directors and Officers Insurance
The directors and officers of a company are protected by this insurance against any action that may prove to affect the working or the profitability of the company that can lead to a lawsuit.
In cases where the company has access to and stores highly sensitive information it is important for the company to have this kind of insurance. These companies are responsible for the protection of the data and this insurance protects them against a breach that has either occurred digitally or on a paper file.
This insurance is a subset of home owners insurance that helps protect you against any damage that is caused to the home or property in cases when you rent out your home or any other kind of property.
This type of insurance is very helpful in case you suffer from any kind of injury or sickness that affects your core job responsibility. It helps to replace most of the business owners income in such cases.