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From the first day any entrepreneur sets up a business, every business carries a certain amount of risk and uncertainty. At any moment, unfortunately, some risks or circumstances can arise, that is why it is important to have insurance in place to protect your business at all times. Every business can become exposed to risks and uncertainty all the time, essentially in the case of certain events that could have serious financial consequences which is why insurance is a must in the protection of your livelihood and business. Insurance will give you peace of mind knowing that your business is protected at all times. So, let’s take a look at the different types of business insurance that are available from insurers on the market. 

Public Liability Insurance   

If your business deals with the public on an ongoing basis, public liability insurance is something you should consider purchasing from a reputable and reliable insurance company. This type of insurance policy is there to protect you if a member of the public sustains an injury due to your business negligence. If an accident does occur on your premises you will be liable to pay for expenses once you have public liability insurance in place you will be covered for these expenses.  

Employers Liability   

Employer’s liability insurance will protect your business in the event an employee becomes injured in your workplace. If this is the case you will be liable to compensate employees. Having an employer’s liability insurance policy in place these expenses will be covered protecting your business at all times.  

Product Liability   

Product liability will protect your business if someone becomes hurt by a product you sold them and you are legally liable for this. It may not be your fault, however, if you do not have cover in place you will face significant legal costs for defending yourself in court. As with any business insurance, it will give you peace of mind knowing you are protected while supplying and selling your products.  

Commercial Property Insurance    

Theft, vandalism, and fire are all threats that every business may face. Commercial property insurance will cover and protect your business with the repairs and costs or even rebuild if your property becomes damaged in the event of a fire, smoke, or vandalism. Property insurance covers your furniture, property, and equipment. All costs will be covered under this policy in the event your business or property becomes damaged or stolen. Even if you rent a property, it is still necessary to have commercial property insurance in place.  

Commercial Auto Insurance   

Commercial auto insurance is a must as it will help cover the financial costs in the event of a car accident. If an employee sustains injuries in an accident and this may result in a liability claim made against you, you will be covered under this policy. A company should also insure against third-party injury but commercial auto insurance will cover damages to the vehicle as well. It will also cover vehicles used by delivery personnel who may be carrying goods and offering services for a fee.  

Business Interruption Insurance    

This policy can be sometimes marked as an extra on a commercial property insurance policy. Business interruption insurance covers your business in the event your company comes to a standstill for a period of time due to hazards such as vandalism, fire, and theft. The policy will compensate you for the loss of income you may endure.  

Officers and Directors Insurance    

With officers and director’s insurance cover the officers and directors of the company are protected in the event action is taken against them in connection with the performance of their duties in relation to the company which is covered under this policy. All loss and damages that occur due to a lawsuit will be covered under this policy.