How to Keep Your Company Safe and Secure


The best way to keep your company safe is with the proper insurance. The types of insurance you need will vary based on the property, equipment, and vehicles your business owns or rents. The deductibles, premiums, discounts, coverage will also vary based on several factors. Despite the variation in needs from one business to another, here are the four most common commercial insurance policies you may need to keep your business safe and secure. 

1. General Liability Insurance 

General Liability Insurance protects your business from personal injury, libel, and slander, as well as property damage or bodily injury to anyone visiting your business. The liability coverage is intended to protect you financially if you are sued by a customer, vendor, contractor, or anyone who visits or uses your business. When sued, your insurance company will decide if the suit is worth fighting or if it should be settled and paid out under your liability coverage. If your company is involved in a settlement, it may negatively impact your insurance cost, but it can save your company from going bankrupt. 

2. Commerical Property Insurance 

Commercial property insurance covers the property you own or rent for your business, as well as the equipment you’ve purchased or rent for business purposes. Generally, this type of insurance does not cover earthquakes or floods, so you will need a separate policy if these are a risk to your business. If your business is located somewhere with a high risk of earthquakes or floods, you will need to pay a higher premium to ensure you have coverage for those events. Flood insurance is a separate insurance product from other types of commercial insurance. 

3. Professional Liability Insurance 

This covers any claims or accusations against you professionally. This may be a claim that you made a mistake that caused harm or damage. This type of insurance is important if you work with clients or customers providing some service. Professional liability insurance is also important for transporting clients in a personal vehicle because it will cover lawsuits from accusations of inappropriate behavior. 

4. Commercial Auto insurance 

This insurance protects you and your employees while driving company-owned vehicles. It will cover both injuries and property damage in the event of a car accident. Depending on your insurance provider, if it is a first-time accident, your car insurance premiums may not increase, however, there are other factors that may impact insurance costs. For example, if you have a young driver working for you, or one with a bad driving record. 

For a small and family-owned business, you may ask, do I have to add my teenager to my car insurance? If your teenager is going to be driving the company vehicle, they have to be put on the policy. Talk to your insurance company about possible discounts like a good student discount or a safe driver discount. If your teenager only drives the car occasionally, you can get an additional discount for them not being the primary driver. 

Keeping your business safe and secure is critical to your long-term success because one accident or one lawsuit can be enough to bankrupt you and your company. While having multiple insurance policies may seem like a high expense, it is the best way to protect your business. The policies you need will vary based on factors like the type of business you are running and whether or not you have a physical location. Additionally, your geographic location will impact your premiums as some areas are more costly than others, and the location of the business will determine if you need additional insurance for floods or other natural disasters. 

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