Protect your startup with these important types of business insurance.
Now that you have finally gotten your business off the ground, you have to protect it. This is why it’s so important to secure the right types of commercial insurance. But with all the options out there, how do you know which policies are right for you? Here are some of the most essential types of business insurance for your company.
Business Owner’s Policy (BOP)– BOPs are great options for small businesses because they combine general liability and commercial property insurance in a single, easy-to-manage policy. BOPs offer coverage for third-party claims of bodily injury, third-party claims of property damage, product liability lawsuits, repair/replacement costs for business damage, and so on.
Professional Liability Insurance– Also known as errors and omissions insurance, this type of coverage is essential for businesses that provide professional services. Professional liability policies offer financial protection in the event that your company is accused of making costly mistakes while rendering services. This type of insurance is particularly important for professionals such as architects, engineers, IT professionals, accountants, consultants, lawyers, medical professionals, and so on.
Cyber Liability Insurance– Today, most businesses have some type of digital element to their operations. If your business collects, stores, or manages customer data or conducts business over the internet, then you face the risk of cyberattack or data breach. Cyber liability insurance is designed to cover the losses associated with a major cyberattack, including the cost of informing affected customers, restoring compromised information and identities, ongoing credit monitoring, repairing affected computer systems, and so on.
These are some of the most essential types of insurance for startups. Do you have additional questions about your commercial coverage? If so, then contact the experts at Gant Insurance Agency in McKinney, Texas. We are ready to assist you with all your business insurance needs today.