Insurance has always been the backbone of a successful business. Having a safety net in case of emergencies is vital to the continuation of your services. However, with so many insurance types to choose from, it can be challenging to know which choices are the best for your business. InSource has a comprehensive list of the necessary insurance measures to take to prevent financial loss and maximize your safety.
Types of Insurance Policies
There are various insurance policies to consider for your business, ranging from car insurance to commercial property insurance. Each case depends on your business’s needs, but there are a few types of insurance that are mandatory across all fields. With these policies in your arsenal, nothing will ever catch you off guard and you’ll always have the coverage needed to handle any situation.
Commercial Insurance Guide
Stepping into the insurance world can be daunting, with so many different choices at your disposal. While there are so many to pick, only a few are vital to your continued success. These include:
- General Liability
- Commercial Auto
- Property
- Workers’ Compensation
- Life Insurance
- Health Insurance
- Business Owners’ Policy
While it would be best if you included each policy in your list of coverages, there are a few that are make-or-break for companies, those being property, general liability, and health insurance.
What Is Covered Under A Commercial Property Policy?
A prime insurance choice is a commercial property insurance plan. Commercial property protects your company’s physical assets from fire, explosions, storms, vandalism, theft, and more. Unless specified, earthquake and flood damage aren’t covered under this policy. Preparing for any possibility ensures that every aspect of your business, personal property, and physical assets are protected. Commercial property insurance coverage is the cornerstone of any stable business in any industry, so it’s always a worthwhile investment to make.
General Liability Insurance Business Plan
General liability covers claims of bodily injury and property damage resulting from your products, services, or operations. This ensures that anyone injured on the job has proper compensation and your business has financial protection from further inquiry and turmoil. This is different from workers’ compensation in that general liability focuses on the business owner instead of the employee. If you are in an office setting, workers’ compensation doesn’t have as much bearing as in a manufacturing job, for example. Always ensure that you are appropriately covered for any inconvenience or danger, including damaged property or injured personnel.
Health Insurance
Your employees are the backbone of your business, so ensuring they have proper medical health insurance coverage for run-of-the-mill doctors’ visits, emergencies, and accidents is crucial to keeping them healthy and happy. There are different types of health insurance options to choose from, but it’s highly advised that you have some form of health insurance coverage to prevent problems from spiraling out of control. Place the needs of your employees first and your business will thrive.
If you need an insurance partner that understands your business and industry needs, InSource Insurance Group is here to help. We provide various insurance policies, partners, and insights to help you make the most educated choices possible. Save time and money when you rely on the experts at InSource Insurance Group today.
