Business Insurance Coverage Types & Benefits

Posted: August 27, 2018

If you own a business, odds are you’ve worked really hard for it and have made a lot of sacrifices to keep it successful. Starting a business requires capital, a strong plan, and the ability to handle the unpredictable factors that happen along the way. The fact is, leaving your business without insurance coverage makes it vulnerable to a wide range of costly mishaps. Discover some essential business insurance coverage types and their benefits, and request a quote from King Street Agency in Charleston, SC.

Why Do You Need Business Insurance?

In business, much like in life, unpredictable events can disrupt your plans and throw you off of your game. Business insurance is an effective way to mitigate a lot of the risk. Here are some examples of what a business insurance policy can help pay for:

  • Court Fees & Lawsuits
  • Lost Business Income
  • Damage to Property
  • Dishonest Actions from Employees
  • Theft of Property
  • Protection for Automobiles Associated with the Company
  • Employee Injuries / Workers’ Compensation

The reasons you may need business insurance are widely varied, but the fact is, it’s vital to have it. While you may agree or disagree with parts of the list, it’s worth considering a range of coverage types so you know which is most important for your business.

Types of Business Insurance Coverage

Every business has different insurance needs. But not having the right kind of coverage can leave you at risk of devastating financial loss. Browse some of the most popular types of business insurance coverage, and consider which may be most useful for your organization’s needs.

Workers Compensation

Protecting workers during times of injury is so crucial that it’s the law if you have W-2 employees. Under workers compensation coverage, employees reap substantial benefits if they give up their right to sue your company.

Business Interruption Insurance

Providing the money a business needs to continue when income is disrupted, business interruption coverage ensures that your cash flow will continue even during your most difficult times. Providing multi-faceted protection, business interruption coverage protects against problems like vandalism, broken equipment, and natural disasters.

Crime Coverage

All it takes is one disgruntled employee to steal valuable secrets or property and cost your company thousands. Crime coverage can ensure that dishonest employees and other criminals can’t cause too much damage to your business. If your business is located in an area with a high crime rate, then you may want to consider crime coverage to keep your finances secure.

Commercial Property Insurance

Many businesses depend on their equipment, property, and tools to continue operating successfully. With commercial property insurance, your raw materials, office furniture, and other property will be covered against a wide range of common problems.

General Liability Coverage

No matter what your business is, there’s always a possibility of a mistake that can cause harm to the public. Injury can come in the form of a patron choking on their steak, an employee tripping over a power cord, or a customer slipping on a recently-cleaned floor to name a few examples. General liability insurance covers medical bills and legal expenses, making it extremely valuable for any type of business.

Data Breach Coverage

To any company that stores customer data or relies on intellectual property, a data breach can be devastating. Data breach or cyber liability insurance can give you peace of mind against any data-related losses, offering you the following services and protections:

  • Protection against extortion and ransom payments
  • Replacement of income lost due to data breaches
  • Notifying individuals who were impacted by the breach
  • Hiring crisis communication consultants if necessary
  • Providing assistance when fighting lawsuits

Other Types of Business Insurance

Here’s a brief list of additional types of commercial insurance that you may find useful for your company. Click each link to learn more, or to request a quote:

Request A Quote Today

Business insurance can provide peace of mind and financial support when you need it most, while protecting your company from unforeseen damage. Whether one type of insurance is all you need or you need a full range of coverages, our experienced King Street Agency agents in Charleston, SC can help you discover the value of each and what it can do for you.

Request a quote today, or contact us to schedule a consultation regarding your insurance needs.