Business Insurance Doesn’t Have to Be Hard

by Dec 26, 2018Small Business0 comments

Business insurance is a great tool that can be used to protect you against the unexpected and limit the effect of any major damages that may take place.
As a business owner, it’s important to be positive and optimistic for the most part. However, if you plan on being in business in the long run, it’s pretty unrealistic to think that nothing bad is ever going to happen.

If your business is your bread and butter, you may want to obtain the proper insurance needed to protect that asset.

Kinds of Business Insurance

Here are 3 types of insurance your business may need now or in the near future.

1. Professional Liability Insurance

Professional liability insurance is also known as errors and omissions (E&O) insurance. This insurance protects businesses and their employees against claims made by clients for inadequate work or negligent actions. Professional liability insurance often covers court costs. It also covers any settlements up to a specific amount.

Generally, this is a standard type of insurance to get regardless of what industry you work in. If you’re running a service-based business or even shipping products, there’s a possibility that an upset customer or client may want to file a lawsuit.

It is also important to clearly explain how your business works in terms of the process and results in your disclaimer statements. But, it doesn’t hurt to have E&O insurance as well to protect your business in the event of a lawsuit.

2. Property Insurance

If you are renting space or own a facility for your business, you may want to consider getting property insurance. This type of insurance can cover equipment, supplies, furniture, etc. in the event that your place of business suffers a loss from a fire, storm, or theft incident.

Think about how valuable the equipment is that you need to run your business and how much it would cost if you had to replace everything. If the total costs would be overwhelming or if you’re financing equipment, you’ll definitely want to consider some property insurance.

If you run your business out of your home, you may not qualify for property insurance but you can still increase your homeowner’s insurance coverage.  A home-based business insurance policy will protect the valuable items in your home office that would need to be replaced if they ever got damaged or stolen.

3. Data Breach

Are you storing personal information on clients or customers in secure databases for your business? This can be names, mailing addresses, or even driver’s license or credit card numbers. If you’re accepting payments, shipping items, or managing a team of employees and need their personal information for payroll you are storing information.

Losing this data due to a data breach could result in a lawsuit. This is why data breach insurance is a must if you want to protect your business from any loss. This insurance protects against damages or costs incurred in the event of a data breach.


While we all want to run our business with integrity and close attention to detail, no one if perfect 100% of the time and mistakes, accidents, and unfortunate events do happen from time to time. It’s important to run your business wisely and protect it. Insurance can provide peace of mind and help your business stick around longer during times of adversity.

Start assessing the risk associated with running your business and see if there’s a specific type of insurance to help you combat that risk. Then, don’t hesitate when it comes to obtaining the correct policy and coverage level.

Image by Pete Linforth from Pixabay


Submit a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.