Types Of Insurance

1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
2. Commercial Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a commercial property insurance policy that will protect you if you have a fire, vandalism, theft, smoke damage, etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
3. Business Insurance: A business insurance policy packages all required coverage a business owner would need. Often, it will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your company’s specific needs, you can alter what is included in a business insurance policy. Typically, a business owner will save money by choosing a business insurance policy because the bundle of services often costs less than the total cost of all the individual coverage’s.
4. Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance, you can cover your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
5. Employer's Liability: Employer's Liability Insurance offers protection to you and your business, in the event of any liability arising from injury or illness sustained by anybody who is employed by you. Employer's Liability Insurance also enables employees injured as a result of an employer's negligence to seek compensation, even if the business goes into liquidation or receivership.
6. Professional Indemnity Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional Indemnity insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few.
7. Directors and Officers Insurance: this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.
8. Business Cyber/Data Protection: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file a Business Cyber Protection policy will provide protection against the loss.
9. Personal Cyber protection: Crime that is undertaken online via means of a computer or the internet, is now one of the fastest growing crimes in the UK. A personal cyber protection insurance policy can help protect you against such attacks as cyberbullying or defamation, online sales fraud, online shopping fraud and can cover you for insured data recovery and online theft of personal funds.
10. Homeowner's Insurance: Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home. Additionally, this type of insurance may protect you from accidents that happen at home or may have occurred due to actions of your own.
11. Tenant's Insurance: Tenant's insurance is a sub-set of homeowner’s insurance which applies only to those who rent their home. The cover protects against loss or damage to the tenant's personal property from fire, theft, and flood it can also include accidental damage and tenant's liability in respect of the landlord's property that they are legally responsible for under the tenancy agreement.
12. Life Insurance: Life insurance protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind. Having life insurance allows you to know that your loved ones will not be burdened financially upon your death.
13. Personal Car Insurance: Another very important type of insurance is car insurance. Car insurance covers all road vehicles (trucks, cars, motorcycles, etc.). Auto insurance has a dual function, protecting against both physical damage and bodily injury resulting from a crash, and also any liability that might arise from the collision.

You may also like to read:

• Do I Need Buildings Insurance?
• Do I Need Contents Insurance?
• Cyber Insurance For Business
• Home And Car Keys Protection