Even the best, most well-prepared business owners can’t avoid mishaps or setbacks altogether, so it’s important to make sure your insurance coverage is comprehensive enough to protect you should anything happen. The following are important (but often overlooked) types of insurance that you should definitely consider.
1. Product Liability Insurance
Most business owners know they need to be prepared in the event a customer or visitor gets injured while on the premises, but others forget that there are more ways than one to wind up liable for hardship, injury, or damages. Any business that creates, manufactures, or sells products of any kind should have product liability insurance to protect them in the event something unforeseen ever goes wrong with anything they offer.
2. Fraudulent Act Insurance
No matter how well you screen potential employees before hiring them, there’s always the chance that someone could make a poor judgment call that leaves you bearing the brunt of the consequences. An employee dishonesty bond will protect you in the event a team member ever commits a wrongful or fraudulent act (e.g. forgery or theft) either willfully or accidentally.
3. Business Interruption Insurance
No business owner plans to have to close their doors temporarily, but sometimes there’s no alternative. Natural disasters, lawsuits, emergencies, and similar occurrences can come up without warning and easily deter your ability to conduct business, so it’s important to be prepared. Business interruption insurance can get you compensated for any lost income caused by such events, making it that much easier to get back on your feet if the unexpected ever occurs.
Smart business owners know that it’s not possible to avoid every single possible problem. Comprehensive insurance protection is the best way to make up the difference and protect your livelihood from every possibility. Talk to a professional agent today, and find out more about what policies might be best for your business.