Different Types of Business Insurance

There are many ways that individuals can protect their business and insurance is chief among them. Multiple types of business insurance policies are available and some are absolutely essential, depending upon the business. Even people operating a home-based business will benefit from business insurance.

General Liability

This is a policy that covers business owners in the event that someone is physically injured on the property as a result of the owner or employees, products or services. It also includes coverage for damage to another person’s personal property, along with protection against libel and/or slander. The insurance is essential for home-based businesses, online businesses, and brick-and-mortar stores.

Data Breach

Even global corporations and the government aren’t immune to data breaches. It’s essential coverage for any business that retains sensitive, non-public or personally identifiable information about customers ranging from home businesses to medical facilities. It’s equally applicable whether that information is on a hard copy, computer or server.

Property Insurance

The equipment and building where business is conducted needs protection against fire, flood, theft, vandalism and other types of damage. Inventory, tools and office equipment represent a substantial investment and are critical for conducting commerce. Owners of home-based business should also carry the coverage. There’s no guarantee that homeowner’s insurance will cover any damage or losses of a home business. Individuals can also include business interruption insurance in the event that normal operations are disrupted.

Professional Liability

This type of coverage is also known as errors and omissions insurance. It’s a critical component for individuals that provide services or their expertise. It protects business owners from claims of unsatisfactory, late, or incomplete work. It’s also necessary to protect against claims of undelivered services, budget overruns, negligence and missed deadlines. Those complaints have the potential to result in financially damaging litigation without the coverage.

Commercial Vehicle

Any business that offers delivery services needs commercial vehicle insurance rather than a standard policy for personal vehicles. It’s equally applicable whether the business delivers flower bouquets or million-dollar equipment. Policies can also be purchased by businesses that require employees to use their own vehicle – think pizza delivery.

Workers’ Compensation

This provides coverage for employees that are injured at work or develop a disease related to their employment. It pays for medical treatment, lost wages, and vocational rehabilitation. In Florida, it depends on the type of business and number of employees that a business has whether it needs to carry the insurance. There are also exceptions and the law is complicated so consult with an insurance specialist.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487