Whether you are just starting a small business or are well-versed in running one, insuring your business appropriately is no small feat. If you are having trouble deciding what types of insurance are most important to your company, here are some important types to consider.
Employee Dishonesty Bonds
Typically referred to as a fidelity bond, an employee dishonesty bond is a type of insurance coverage that protects your business from financial loss should an employee steal something. This type of bond covers concrete materials, such as money and company property, and it also covers digital data, such as confidential company files. Even if you know and trust all of your employees, it is still a good idea to consider this type of insurance.
Business Income Coverage
Business income coverage can cover lost income should something happen to cause your business to close suddenly. For example, if a building nearby catches fire and your building also suffers damage, this type of insurance can be used to keep you from losing money while repairs are being made. If something happens directly to your business and you are forced to shut down permanently or move, this insurance can also be used to cover income lost and sometimes even help fund your move.
Worker’s Compensation Insurance
This is a more well-known form of insurance, and it is important to consider it no matter what line of work you are in. This insurance is intended to help employees who are injured on the job with medical bills and wages missed if their injury requires them to miss work. However, even if you do not work in an industry where injury is common, consider other ailments like carpal tunnel, which is very common for those who have desk jobs.
Data Breach Insurance
Do you sell items to customers and take payments via credit card? Do you have confidential company data stored on a computer or a server somewhere? If so, data breach insurance is a great addition to your insurance policy. A data breach can be devastating to a business, costing you large sums of money and loss of customer and employee trust. Take care of sensitive company data and back it up with data breach insurance in case the worst happens.
There are myriad types of insurance to choose from, and the sheer volume of options can be overwhelming. Use this list to help you decide what is right for you.
