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Running a business without insurance is asking for trouble. If you want to protect your business and your reputation, you need to ensure that your business has all of the necessary insurance, but with so many products available, how do you know what kinds of insurance you really need?

Although the list below is not exhaustive, it provides a good overview of the most important insurance for any business to have:

1. Professional liability insurance

Professional liability insurance is used to cover a business against claims of negligence relating to mistakes in performance. If you are sued for causing harm in this way, there are excellent business lawyers like Zarwin Baum, who can defend you effectively, but it is always better to have the protection of an insurance policy should you need to pay a settlement to the aggrieved party.

2. Property insurance

If you own business premises, then having it insured against flood, theft, and fire is imminently sensible, especially if you also have a lot of expensive equipment on site, which you may not be able to replace if it is stolen or damaged.

If your business is operating from out of your own home, then chances are your regular home insurance will not cover it and you may need an additional policy in place too. Whilst insurance is essential, there may come a time when insurance companies might not pay out for damage. This could be to do with a number of reasons, so you will need to speak to someone like one of these Public Adjusters to see how you can sort through these issues and get the pay out you need to keep your business and finances safe.

3. Product liability insurance

Product liability insurance is really important if you sell a physical product because should the product malfunction and cause damage or injury, a lawsuit could well be served against the company. Even if you make every effort, as you should, to ensure your products are safe, things can always go wrong, so it is always better to be safe than sorry.

4. Workers’ compensation insurance

As soon as you take on an employee, you need to insure your business against the risks. A good policy will cover employee injury, death, and medical treatment amongst other things. It would be impossible for you to cover the costs of such things yourself, so worker’s compensation insurance is a must.

5. Business interruption insurance

Business interruption insurance is there to help your business stay in business should a major catastrophe like a natural disaster or a hacking attack take place which renders your business unable to operate at all.

When your business cannot operate, you cannot make any money, which could quickly lead to bankruptcy or a folding business. If you have business interruption insurance in place, your company will be compensated for any loss of income and you should be able to keep things running.

One important insurance type for business continuity is keyman insurance. Should a key employee become disabled or die, the business might find itself in a difficult situation and experience revenue losses. With keyman insurance in place, the death of an executive or top salesperson can be mitigated.

This may seem like a lot of insurance, but if you want to protect your business and give your company the best chance of survival, come what may, having the right insurance policies in place will help you to do that. It will prevent your company from seeing huge financial losses when things go wrong, as they are wont to do from time to time, and it will give you, as the business owner, complete peace of mind, which is pretty priceless, I’m sure you’ll agree.