There are many different types of insurance policies available to the business owner. This is because of the wide variety of business there exist. Don’t let the range of options confuse you. If you are a new business owner, it is essential to decide what level of insurance would be appropriate. This is the case whether you have a lot of employees or none at all.

Below we will list the different types of business insurance policies you can choose from.

Liability Insurance for Employers – This is required if an employee gets injured at the workplace.

Vehicle Insurance – If you have vehicles, it is vital to get commercial vehicle insurance to cover the cars. You have the option to choose from a comprehensive cover, third party only, or third party with fire and theft protection. It is important to be insured if someone gets injured or you cause damage to their property. If you use a private vehicle for your business, ensure that you have the right insurance policy. Otherwise, the insurer will not pay out in the event of a claim.

Professional Indemnity Insurance – This policy will protect your business if you or your employees are professionally negligent and causes damage, loss or injury at the workplace. Some professionals like accountants, financial advisers, medical doctors, and architects are required to have this type of policy.

Business Travel Insurance – This will cover you or your employees when something happens while traveling for business. This can include employees in the event of injury, loss of lives, delays, and theft.

Fidelity Insurance – This will protect you against loss of stock or money from dishonest workers.

Key Man Insurance – When something happens to your director or senior manager, this policy will protect against loss of income.

Building Insurance – This covers the structure of your property against vandalism or natural disasters.

Contents Insurance – This will cover all your stock.

Plant or Business Equipment – This will insure all your machinery and equipment.

Goods in transit – This is required if your business dispatches high-value products.

Engineering Cover – This will cover you in the event of a mechanical or electrical breakdown at your business property.

Interruption Cover – Should something happen that will cause your business to stand still, you can claim for loss of income or expenses it caused your business.

Product Liability Insurance – If a product you are selling causes harm to a person, this policy can protect you.

Public Liability Insurance – This covers your business from damage, death or injury to members of the public.

Risk of Pollution – Exactly as it states, it protects you should your company be responsible for polluting the environment. You may be liable for a fine, or even forced to clean it up.

Officers or Directors Insurance – This will cover any legal costs that may arise from acting inadvertently.

Every country will have different requirements when it comes to business insurance. Be sure to find out precisely what is required by your law, and always ensure you are not under-insured, as this can mean the fall of any company.

For more information, it is recommended that you learn more about business insurance from Travel to Impact.