When it comes to insurance to help protect your business, the reason that there are so many types of insurances in existence is because of the simple fact that there are so many different types of businesses that also exist as well. Every business needs some type of primary coverage no matter what, and businesses that exist in the same type of industry may need different kinds of coverage altogether. This, however, is something that can depend on factors such as location and other types of variables.

Determining exactly what kind of coverage a business needs is a process that can be extremely overwhelming, not to mention confusing as well. Perhaps the best thing to consider first and foremost is exactly what type of business insurance your business actually needs. The best place to begin is by learning exactly what business insurance itself does and does not cover. Once you determine this, you can then start your own research regarding what types of insurance coverage will be best for your specific situation.

Some of the most basic types of insurance that businesses require include the following:

*General liability

*Commercial property

*Business income

Additionally, many businesses may also require commercial auto insurance and workers' compensation insurance; however, there are also additional coverages that can offer further assistance as well.

Explaining the basics further, general liability insurance is designed to protect a business from liability claims, including customer slip and fall accidents and damage to another individual's property caused by your business.

Commercial property insurance covers factors such as your furniture, property, and equipment. It is also designed to assist with restoring your property back to its original condition as well.

Business income insurance is designed to help with replacing lost income in the event that the business itself is unable to operate thanks to a covered loss. This type of insurance will help to replace any income lost as a result of an issue such a damage from a storm or a fire.

There are also further types of insurance coverages that businesses can take advantage of as well, such as the following:

*Professional liability insurance, which protects a business from any errors found in professional services that have been provided.

*Workers' compensation insurance, which is designed to offer benefits to employees who are either ill or become injured while on the job, as well as offering benefits to an employee's family in the event that they die while on the job. Most states require this type of coverage for any business that has employees.

*Business Owner's Policy, which bundles together different coverages into one single policy for those who own small business. Generally, this is required for those who will require general liability, business property, and business income insurances.

*Data breach insurance, which is designed to assist with covering any and all costs involved with business-related data breaches, including costs for notifying employees and customers, as well as PR campaigns designed to help restore the reputation of a business.

*Commercial umbrella insurance, which extends the liability coverage of a business past a simple liability policy.

Business Assessment and Goal Setting Workshop

DATE & TIME: October 3, 2019, 10:00am CDT

Address: Spicewood Springs Branch, Austin Public Library
8637 Spicewood Springs Rd
Austin, TX, 78759

Join Carleton for a lively discussion of how to grow your business by stepping away from the day-to-day operation to assess your situation and set and attain goals for growth.


Types of insurance to protect your business