Whether you are a small or large business owner, one of the most important things you can do is protect your business from all possible risks. But there are so many insurance plans and options that you may be wondering: what insurance policies does your business really need?
Okay, do not worry. We are here to help you. Because no two businesses are the same (just like no two people are the same! 😊), there is no one size fits all solution when it comes to insuring your business. The type of business insurance you need can vary by company (for example, an engineering company is very different from a hair salon or a grocery store and therefore carries different risks).
At a minimum, you should start with the following types of business insurance to manage the risks associated with running your business*:
*Please note that the cost of this insurance, as well as the types of coverage you need, can change depending on the business, size and industry in which it operates.
Types of Insurance Your Business Really Needs
- Liability insurance
Liability insurance is designed to protect you against claims arising from damage or injury that may be caused by the operation of your business, your products, or on your business premises. There are different types of liability insurance:
General Liability Insurance – A type of insurance coverage that businesses need to protect against legal liability for damage or injury to others, advertising and personal injury, and injury or damage arising out of their business operations.
Liability Insurance – Protects you and your business from damage or loss suffered by third parties (meaning anyone other than you, the insured person or company, and the insurance company) locally.
Professional Liability Insurance – Protects you or your business against claims for professional negligence, error or omission. It is particularly useful for professionals such as architects, engineers, consultants, lawyers, building designers, healthcare professionals, and accountants.
Management Liability – This insurance is designed to protect your company’s directors and officers from circumstances not normally covered by general or public liability insurance, such as: B. Allegations of misconduct against officers, directors, and officers of the company.
Contract Liability – This covers you and your business against contractual obligations or obligations that you and your business would enter into by entering into any type of contract, such as a lease, rental, or other contract. It covers, for example, financial losses and legal fees.
2. Property Insurance Policies
Property insurance covers you in the event of the loss or theft of your business property and its contents, whether it is private or rented business premises.
Home Insurance – Home insurance insures stores, buildings, offices, and other commercial property against fire, natural disasters, theft, and a variety of other damage to buildings.
Consequential Damage (Fire) Insurance – Fire insurance covers costs resulting from consequential damage to property caused by fire. So if your business is damaged by fire, this will help cover your business losses and income that you may incur as a result of the damage to your business. *Disclaimer: Fire insurance is not a stand-alone product. To qualify for this coverage, you must purchase Digit’s SFSP policy with a fire insurance supplement.
Billboard Insurance – Covers your business against accidental loss or damage to billboards and billboards that are placed outdoors and in public places and is protected against perils such as natural disasters, fire, and theft. It also covers civil liability if the signal causes damage to third parties.
Glass Panel Insurance – A type of insurance policy that protects your business against damage to or breakage of large glass panels in your commercial buildings, such as storefronts, glass doors, transparent walls, etc.
Theft Insurance – This theft insurance covers theft of cash, jewelry, and other valuables, as well as loss and damage that may result from theft. * Disclaimer: Theft Insurance is not a stand-alone product. To qualify for this coverage, you must purchase Digit’s SFSP policy with a theft surcharge.
- Money Insurance
It is designed to protect your business’s cash and monetary transactions, including cash, checks, money orders, and money orders. You and your company are protected against theft, loss or accidental damage to your money while it is in transit or secured in a locker or at the till.
money insurance
It is designed to protect your business’s cash and monetary transactions, including cash, checks, money orders, and money orders. You and your company are protected against theft, loss or accidental damage to your money while it is in transit or secured in a locker or at the till.
Learn more about silver insurance.
3. Money Insurance
- Guaranteed Loyalty Insurance
This protects you and your company from losses that result directly from dishonest actions by your employees in the course of their employment. Loyalty insurance protects your company from all financial costs arising from acts of dishonesty, theft or fraud on the part of employees. - Electronic equipment insurance
This protects you in the event of physical loss or damage to your company’s electronic equipment (including system software). These include repair or replacement costs, loss or corruption of external data, and increased operating costs when your equipment is out of service. - Commercial vehicle insurance
Commercial vehicle insurance covers damages and losses caused to or by a commercial vehicle and its owner/driver in situations such as accidents, collisions, natural disasters, fires, etc.
If your company owns one or more vehicles or uses vehicles such as taxis, this coverage is essential. This type of insurance covers passenger transport vehicles (eg taxis, cars, buses, etc.), goods transport vehicles (eg trucks, tempos, trucks, etc.) and any special vehicle used in agriculture, mining, or construction.
It is essential that all businesses take out commercial vehicle insurance for their vehicles, e.g. for example, rickshaws, taxis, school buses, tractors, vans and commercial vehicles.
Learn more about:
commercial vehicle insurance
Taxi/VTC insurance
auto rickshaw insurance
truck insurance - Workers’ compensation insurance
This policy applies to employers who compensate their employees for accidents that occur on the job. It covers employees in case of illness, personal injury, disability or death due to a work accident and helps them receive the care they need.