Some types of insurance, such as unemployment insurance, are required by nearly all businesses.
1. General Liability Insurance: Covers liability claims against your business, such as slip and fall accidents or false advertising claims. Most businesses that have a physical location should carry this type of coverage.
2. Workers’ Compensation Insurance: This type of coverage pays for medical care and a portion of lost wages when employees are injured on the job. It does not require establishing fault, and laws limit the amount that can be paid out. This policy is required in most states.
3. Disability Insurance: This covers a portion of lost income if an employee or business owner is unable to work for some time. This type of policy is not required by law but can be critical for business owners who handle much of the day-to-day operations of their business. Short-term disability can function as maternity leave coverage.
4. Unemployment Insurance: This policy is required by federal law for employers who pay more than $1500 in wages a quarter or have at least one employee for at least 20 weeks per year. It covers a portion of lost wages for employees who lose their jobs due to specific circumstances, such as being laid off.
5. Directors and Officers Insurance: Often called D&O, this is liability insurance designed to protect the personal assets of directors and officers of a company or non-profit in the event they are sued by any party regarding their management of or advising of the organization they work for or volunteer for.
6. Property, Homeowners’, and Renters’ Insurance: These policies generally cover the structure and items inside a building when damaged by theft, natural disasters, fire, or vandalism. While not legally required, it is important to protect items like inventory, electronic POS systems, and other items stored in your business.
7. Professional Liability Insurance (E&O): A type of liability insurance that protects companies, businesses, and freelancers that offer advice or services. Claims might allege negligence, errors, or omission. Those who would benefit from this type of insurance include consultants, marketers, home services professionals, health professionals, tax preparers, lawyers, and wedding planners. It may also be referred to as Errors & Omissions Insurance, or professional indemnity insurance (PII).
8. Product Liability Insurance: Protects companies that make goods from claims involving bodily injury or property damage. For example, if a company makes and sells an external battery that results in a fire that injures people and damages property. Companies that make, design, or manufacture goods should consider carrying this type of coverage.
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