{"id":3186,"date":"2016-05-24T13:09:19","date_gmt":"2016-05-24T17:09:19","guid":{"rendered":"https:\/\/www.insureyourcompany.com\/?p=3186"},"modified":"2016-05-24T13:09:19","modified_gmt":"2016-05-24T17:09:19","slug":"starting-a-new-business-types-of-insurance","status":"publish","type":"post","link":"https:\/\/insureyourcompany.com\/blog\/starting-a-new-business-types-of-insurance\/","title":{"rendered":"Starting A New Business: 7 Types Of Insurance You Should Consider"},"content":{"rendered":"

By the time a new business is ready to open its doors to the public, its owners have typically invested substantial time and money into the effort. From purchasing or renting real estate to scouring the Internet for the very best deals on the best equipment to launching a website and an advertising campaign<\/a>, those starting\u00a0a new business stand to lose a lot if that business is not properly protected.<\/p>\n

The best way to protect a new business is to make sure you have the right coverage\u00a0from the start. Here are 7 types of insurance for new businesses that every new businessowner\u00a0should look into obtaining.<\/p>\n

1.\u00a0General Liability Insurance<\/h2>\n

Liability insurance<\/a> is a must for every business, even those that are run out of one’s home. This will provide protection against any claims that the business owner, employees, or products\/services have caused any bodily injury or property damage to another party.<\/p>\n

2. Commercial Property Insurance<\/h2>\n

Property insurance<\/a> is appropriate for those who own the building in which the business is run, as well as for every business that owns any property at all, including equipment such as computers, inventory, or tools of the trade. This coverage will protect a business from\u00a0property loss that may occur as a result of fire, vandalism, theft, smoke, and more.<\/p>\n

It is worth considering adding business interruption<\/a> or loss of earning insurance to this policy as well to protect the earnings that would have occurred during any time that the business is unable to operate as a result of any of the aforementioned causes.<\/p>\n

3. Business Owner’s Policy<\/h2>\n

A business owner\u2019s policy<\/a>, also known as a BOP, is actually a package that includes all of the coverage a particular business owner is required to have. It can be tailored to an individual business to include such coverage as business interruption insurance, liability insurance, crime insurance, property insurance, and vehicle insurance.<\/p>\n

This option is worth considering because it often saves money over purchasing each of the included types of coverage individually.<\/p>\n

4.\u00a0Commercial Auto Insurance<\/h2>\n

This type of insurance<\/a> will protect any vehicles used\u00a0by the company. These include vehicles used to transport employees, equipment, or inventory, and protects said vehicles from collisions and damage.<\/p>\n

Alternately, if the company does not own any of its own vehicles but instead has employees use personal vehicles for company business, a\u00a0non-owned auto liability policy<\/a> should be purchased to protect the company against loss in the event that the employee\u2019s auto insurance is insufficient. This coverage can often be added to a BOP.<\/p>\n

5.\u00a0Worker\u2019s Compensation<\/h2>\n

Worker’s compensation insurance<\/a> provides coverage for injuries sustained by employees while on the job, including wage replacement and medical benefits to those employees. When an employee receives these benefits, he or she waives the right to sue the company for the incident that resulted in injury, making it well worth its cost.<\/p>\n

While each state has its own laws regarding worker’s compensation insurance<\/a>, every state requires businesses with W-2 employees to carry the insurance, and many carry severe penalties for non-compliance.<\/p>\n

6.\u00a0Professional Liability Insurance<\/h2>\n

This insurance<\/a> is especially appropriate for businesses that provide professional services, as it provides both damages and defense for improperly rendering, or failure to render, professional services. Businesses that may benefit from this type of insurance include lawyers, accountants, consultants, real estate agents, and notaries among other professional firms.<\/p>\n

This protection, which is sometimes called errors and omissions insurance<\/a>, is not included in general liability insurance, so do not make the mistake of believing one to be in lieu of the other.<\/p>\n

7.\u00a0Cyber Liability Insurance<\/h2>\n

Businesses that store sensitive, private information on either customers or employees would do well to purchase cyber liability insurance<\/a>, as skilled hackers, both domestic and\u00a0international, make data breaches every day news.<\/p>\n

Such businesses are responsible for keeping that information safe, and a data breach from paper files or electronic files can lead to expensive lawsuits<\/a>. The cost of such a breach can be mitigated by carrying cyber liability insurance.<\/p>\n

To talk more about the insurance that is right for your new company, contact us for a free new business assessment. Our team can help you determine the best types of coverage that are right for your specific needs when starting\u00a0a\u00a0new business.<\/p>\n","protected":false},"excerpt":{"rendered":"

By the time a new business is ready to open its doors to the public, its owners have typically invested substantial time and money into the effort. From purchasing or renting real estate to scouring the Internet for the very best deals on the best equipment to launching a website and an advertising campaign, those […]<\/p>\n","protected":false},"author":5,"featured_media":3187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[76,191,69],"tags":[181,163,265,56,241,313,126,315,189],"class_list":["post-3186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-insurance","category-business-owner-resources","category-frequently-asked-question","tag-advice-for-business-owners","tag-business-owner-tips","tag-business-owners-policy","tag-commercial-auto-insurance","tag-commercial-property-insurance","tag-cyber-liability-insurance","tag-general-liability-insurance","tag-new-business-insurance","tag-professional-liability-insurance"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t