You have a lot of responsibilities as a business owner and one of them is to ensure that you have the right types of business insurance. From the moment you start your business, you need to protect it the best way that you can and insurance is a very valuable tool to have in your business arsenal.

Owning a business is not an easy task, and while the job is demanding it’s much easier to manage if you don’t have to oversee the practice of insurance claims.

Regardless of the type of business that you conduct, how many offices there are or whether you are in large distribution centers, you need to be financially covered.

You wouldn’t have a front door without the help of a commercial locksmith in your business so if you would make sure that your business itself is secured why wouldn’t you ensure that everything else is financially secure, too?

Below, we’ve got the five types of business insurance that you need to have for your business to be effective.

  • Cyber liability insurance. Most businesses do more of the operations online now more than ever which means you need to make sure that you are covered online. Hackers and cyber attacks are everywhere, and the most famous cyber attack is through ransomware. If you make sure that you are covered with your insurance, your business is not going to be out of pocket and unable to keep going if you end up hacked.
  • Business vehicle insurance. It doesn’t matter whether this covers cars, vans or trucks. If your business owns any type of vehicle, this insurance policy is a must. If you are allowing your staff to have a car as part of their benefits package you should ensure that these are also covered by the business insurance because if they are in an accident, you’re going to need help and get your money back. Business vehicle insurance is important but there are a lot of options out there so make sure that you get some good advice first.
  • Insurance to cover business interruptions. If you have a physical need to conduct business in an office, and your employer cannot work from home, you need to make sure that you are covered in case of natural disaster or theft. If your business is broken into and things are stolen, you will need to be able to recover that because it’s going to interrupt your business and this can be devastating.
  • Public liability insurance. This is actually going to help you if anybody in the public has an accident on your premises or any of your staff have an accident on your premises. This is the kind of insurance that covers you and stops you from having to pay astronomical healthcare bills.
  • Workers compensation insurance. It doesn’t matter the size or type of your business here, your employees are your lifeline. If you haven’t figured that part out yet then you may be a little bit behind on what you need for your business. Covering them when they have an accident or if they are off sick for a long time is a very smart thing to do.
  • Retail Insurance. If you are responsible for handling the goods of your customers and clients then you want to make sure that you can keep them safe. No matter how careful you are there will be damage, theft, and slip-ups, the best way to cover for this and preserve your reputation is to get retail insurance. This type of insurance will cover you and compensate your customers.