Types of Business Insurance to Consider

Business insurance protects your business’s financial interest, in case of lawsuits or claims against your company. When it comes to choosing business insurance policies, you have to think about the specific risks that affect your company. Here is a list of three types of business insurance that businesses should consider.

Cyber Threats

A lot of companies forget to include cyber insurance in their policy. Nowadays, most businesses store data digitally. This opens you up to threats from hackers, phishing schemes, and more. Small businesses and major corporations alike require cyber insurance.

Employment Practices

Allegations of harassment or discrimination are extremely serious. If you, one of your supervisors or an officer in the company has claims of harassment against him or her, then you need to have insurance to help pay your defense fees. If your company has to settle, then the insurance policy will pay.

Special Events

If your company plans special events, it is up to you to ensure the safety of the guests. When planning the event, you should consider special events insurance. Special events insurance can cover property damage claims and bodily injury claims.

As most business owners know, business insurance isn’t optional. You have to be able to protect your company against financial loss. In addition to general liability, you have to take into consideration your company’s specific circumstances.