Top 11 Insurance policies your business needs!

April 6, 2021

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RHI Agency Team

The top 10 Insurance policies any business or business owner can benefit from are listed below. These insurance policies reduce the risks and help to secure your business to a great extent.

Property Insurance

Property insurance is very important and can be bought whether your property is your own or rented. This policy covers any damage done to your furniture, equipment, inventory, theft, and damages from fire and storm. Floods and earthquakes do not usually come under this policy and a separate policy needs to be bought to cover its damages.

General Liability Insurance

This insurance is beneficial to all types of businesses, including home-based insurance, and can save you a lot of money in the future. This policy protects against any property damages or bodily injury allegedly caused by you, your services or products, or your employees to any third party.

The nature of work for each business is different and hence the liability insurance policy can be customized depending on it.

Workers Compensation Insurance

Workers’ compensation insurance policy is a good way to safeguard yourself and your employees. This policy covers all the medical expenses, disability, and death benefits if any of your employees are met with an accident or loses his/her life while working for you (in working hours).

Medical treatments can be very expensive even if it’s a slip and fall or a medical condition like carpal tunnel syndrome, and this policy will make it easy to meet the expenses.

Home-based business insurance

Most of the home-based businesses are small businesses with low investment and homeowner policies do not cover the property you run your business from, which is why there is a need for a separate insurance policy.

This policy will cover your inventory and equipment in the business run from homes. This is very important as all the data, files, equipment, etc. will be stored in the house itself and any damage to it can affect the business very badly.

Business Interruption Insurance

An interruption to your business can result in heavy losses and at times even result in the shutdown of the business itself. So in case any accidents or catastrophe interrupts the regular functioning of your business, it is necessary to cover the losses resulted from it.

This policy helps to compensate for the lost income in such unexpected cases and is applicable only to the businesses that operate from a fixed location, like a factory or a store.

Product Liability Insurance

This insurance can help you save a lot of money if you are in the business of selling any products to people. This policy will help to protect you or your business from lawsuits that are filed for damages caused by your products to any of its users.

Even if your product is of top quality and all the safety measures have been taken, situations like this often arise and it is always better to stay protected. Product liability insurance can be customized depending on the type of products you sell and will cover any claims and costs incurred by defective products.

Business Owner’s Insurance

A business owner’s insurance has a lot of benefits that helpful for your business. Policies like property insurance, business interruption insurance, vehicle coverage, crime insurance, liability insurance, and crime insurance are covered under it.

The business owner’s insurance can be customized according to your needs or the needs of your business. Buying this policy as a bundle is seen to be less costly compared to individual coverages.

Commercial Auto Insurance

Most companies use different types of vehicles for their business purposes. These can be goods carrying vehicles, employee’s vehicles, etc. Commercial auto insurance protects these vehicles that carry your employees, equipment, or products. The vehicles you use for work which includes cars, SUVs, trucks, and vans can be insured against collisions and damage.

If your employees are using private vehicles and not a company one, you should have a no owned auto liability insurance policy, to protect your company in case your employees have not bought an insurance policy or are under-insured. Most of the time the non-owned policy can be added to the Business owner’s insurance policy.

Renter’s Insurance

Renting a property for various purposes is a good source of income and is a practice done by a lot of people. The renters’ insurance protects such properties rented for private or commercial purposes. This protects against physical damage to the property and its contents, and any personal injury within the limits of the insured property.

Data Breach Insurance

Most of the companies these days keep sensitive information about their business computer servers or paper files. This information can be anything from employees’ information to business secrets. Any loss in such data can cause huge problems to the business and the company can find itself facing a lawsuit. Data breach insurance protects against any damages or costs incurred due to such data breaches.  

Directors and Officers Insurance

The insurance protects the members of the table like the directors and officers, who make important decisions in the running of a business. They are protected against their actions that affect the operation or profitability of the company.

If such a person finds himself in a legal situation due to the decisions or actions he/she made, this type of insurance can cover the damages and costs resulted due to the lawsuit filed. 

Don’t know where to start?!

Starting a business itself is an unnerving experience. And we are often met with the question of which insurance policy to choose and when. Of course, you don’t have to opt for every insurance policy on the list when you start out. Many of these insurance policies are helpful after a certain growth period.

Contact RH insurance to know more about the very different options of insurance, and let our experts help you in choosing the right one. We are always ready to help and just a call away!

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