So, you’ve decided to start a business of your own, right? You have a good product or useful service you want to share with the world. Good for you! However, along with all the good things, owning a business comes with its own types of risks. And while some “dangers” are too small to be actual risk for a big company, they can be tough on the small businesses to the point where they may close up shop.
But, first things first – your business is at risk from the beginning. You are exposed to dangers, which can crush your new company immediately, even before hiring your first employee. Cyber attacks, catastrophic events, vandalism etc. Fortunately, there are different types of commercial insurance, which protect your business from the beginning.
Commercial Liability Insurance
Commercial liability insurance protects your business from lawsuits. For example, if someone comes to your office, trips and falls. Or gets burned by the coffee you serve. What if you drill a hole in someone’s gas pipe and burn the place, for instance? Commercial liability will pay to the person injured by your actions or inactions. It will also pay for your defence costs if someone sues your business for something that the policy covers. However, the risks you face differ for different businesses and policies are highly customisable. So, ask your insurance advisor for an evaluation for your specific situation.
Commercial Property Insurance
Let’s get this straight – property insurance is a must, whether you own the place or lease it. The Commercial property insurance protects your company’s physical assets like equipment, inventory, furniture etc, in case of vandalism, theft, for example. But Commercial property insurance protects your business property against destruction events also – fires and storms, for instance.
The cost of this type of commercial insurance is based on the value of your business’ assets and your locations, occupancy and construction.
Workers Compensation Insurance
The Workers Compensation Insurance should become part of your business’ insurance policy as soon as you hire your first employee. Such insurance protects you and your workers in case of job related injuries, lost wages, rehabilitation and more. It covers the medical treatment, disability and death benefits if your employee gets hurt on the job, for instance. However, Workers Compensation Insurance is a type of commercial insurance to have even if your business involves low-risk work. Because lawsuits can be caused even from slip and fall injuries or carpal tunnel syndrome. Also, it is required by law in almost every state.
Cyber Security Insurance
Nowadays computers and databases are a big part of every business. Your business may not have too much in common with the IT sector. However, in most cases you will be using computers to store your data. Like the personal information of your employees or your customer data, for example. There is always a risk of data breach if you have data stored online. So, it has to be protected. This is where Cyber Security Insurance comes in handy. It covers your business’ liability in case of data breach or cyber attacks.
So, if you store sensitive customer or employee data – cyber insurance is a must.
Vehicle Commercial Insurance
if your line of business involves vehicles of any type, they should be insured to protect your business in case of an accident. Such insurance covers against third-party injuries, but also covers the vehicles in case of physical damage of the vehicle or the cargo it transports.
As one of the top insurance companies, we at Argo offer a wide range of commercial transportation insurance. For example:
- Long haul trucking insurance;
- Owner-operator insurance;
- Couriers and delivery vans insurance;
- Public transportation insurance;
- Drone insurance.
Don’t forget, risks come in different shapes and sizes, so, getting a good coverage is a must. The policy forms vary widely. Тhere are many optional endorsements designed to cover different risks. Take your time, talk to your trusted insurance advisor and pick the right insurance coverage for you, your company and your employees.
Contact Argo Insurance to get expert advice and discuss all the options that we have for your company’s commercial insurance. Call us now for a quote.