The Five Benefits of Business Insurance You Didn’t Know You Needed



Business insurance can seem like an overwhelming topic, but it’s really quite simple. In fact, many business owners don’t take the time to understand their business insurance options and the specific types of coverage they need until something goes wrong and they end up in debt or out of business completely. Don’t be one of those people! These five benefits of business insurance will ensure you know all your options and get the protection you need from day one. Let’s get started!

What is business insurance?

Business insurance is a contract between a business and an insurance company. The company agrees to pay the business for financial losses due to events that are out of the business’s control. In return, the business pays the insurance company a premium.

Commercial General Liability Insurance

Commercial General Liability (CGL) insurance is one of the most important types of insurance for businesses. It protects your business from third-party claims of bodily injury or property damage. CGL policies also cover personal and advertising injury claims. If you have any employees, your CGL policy will also protect you from employment-related lawsuits.

Property Insurance

Most people think of business insurance as property insurance. This type of insurance protects your business in the event of physical damage to your property or contents. This can include damage from fires, storms, theft, and vandalism. If you have a mortgage on your property, your lender will require you to have this type of coverage.

Workers’ Compensation Coverage

Business insurance can protect your company in a number of ways, including workers’ compensation coverage. This type of coverage can help you if an employee is injured on the job, by providing them with medical benefits and income replacement. In some cases, it can also help cover the cost of legal fees if an employee sues you.

Cyber Liability Protection

In the age of the internet, businesses are vulnerable to cyber attacks. Cyber liability insurance can help protect your business in the event of a data breach or other cyber attack.

Auto Rental Loss & Damage

Business insurance can help protect your company from a variety of risks, including property damage, liability, and even employee injury. But did you know that business insurance can also help cover the cost of renting a replacement vehicle if yours is damaged or stolen? That’s just one of the five benefits of business insurance you didn’t know you needed. Here are the others