5 Important Types of Business Insurance

It can be difficult to run a small business. The owner wears many hats, and sometimes things such as buying Business insurance Lakeland get put on the back burner. However, having the right coverage is incredibly important. From a slip and fall accident to a construction mishap, commercial insurance can protect business owners, workers, and customers from a variety of things. Below are several types of commercial insurance to consider.

Property Insurance

Commercial insurance Lakeland is important for all small businesses, whether the property is owned or not. If the building is owned, it must be insured to its replacement cost. Whether or not the property is owned, business property insurance provides coverage for everything inside and outside the building. Fire, theft, vandalism, wind damage, and other perils are covered, and property insurance is included in standard business owner policies.

General Liability Coverage

This type of small business insurance Lakeland offers protection when a business’ negligent services and products cause property damage and bodily injury. With general liability insurance, business owners are protected from customer mishaps such as slip and fall injuries or food poisoning. A widespread emergency can mean financial devastation for a small company, but liability coverage can keep them in business.

Loss of Income Insurance

With this type of commercial insurance, the owner can cover physical and monetary losses incurred when they must stop operations. For instance, if a fire, storm, or other crisis puts a brick and mortar store out of business for several months, this type of policy will cover the company’s net profits during that time.

Workers’ Compensation

With worker’s compensation insurance, companies can offer medical benefits and wage replacement to employees who sustain on-the-job injuries. This coverage also protects the company from employees’ negligence-based lawsuits. Workers must agree to waive their right to sue in order to get worker's compensation coverage.

Cyber Liability Coverage

A data breach can have devastating consequences, especially if customers’ and clients’ sensitive information is compromised. It can be expensive to notify everyone in the event of a breach, but cyber liability insurance provides protection for companies, customers and workers alike.

Small business insurance is complex, but it’s important to have enough property, general liability, income loss, and cyber liability coverage. With the best commercial insurance Lakeland, business owners can protect their companies from the unexpected. Call an agent today to get the right kind of coverage for any type of business.

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