{"id":439,"date":"2019-05-10T07:27:11","date_gmt":"2019-05-10T13:27:11","guid":{"rendered":"https:\/\/cowestdtc.com\/?p=439"},"modified":"2019-07-02T07:12:34","modified_gmt":"2019-07-02T13:12:34","slug":"managing-risk-5-different-types-of-business-insurance-you-should-have","status":"publish","type":"post","link":"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/","title":{"rendered":"Managing Risk: 5 Different Types of Business Insurance You Should Have"},"content":{"rendered":"\n<p>Every business faces risks that can cause serious damages and losses. Paying for these losses&nbsp;leaves the company in debts which&nbsp;may further lead to closure. However, the right insurance coverage will cater for your damages in the event of a disaster.<\/p>\n\n\n\n<p>In the U.S, there\u2019re&nbsp;<a href=\"https:\/\/www.iii.org\/fact-statistic\/facts-statistics-industry-overview\" target=\"_blank\" rel=\"noreferrer noopener\">over 5,000 insurance companies&nbsp;<\/a>you can choose from.&nbsp;As you choose&nbsp;a company, here are five different types of business insurance you should consider getting.<\/p>\n\n\n\n<h2 class=\"h4 wp-block-heading\">1. General Liability Insurance<\/h2>\n\n\n\n<p>General liability insurance protects you and your business from claims that involve property damage and bodily injuries resulting from your operations, products, or services. It will cover medical expenses, legal fees, and the damages if your company gets sued.<\/p>\n\n\n\n<p>Some examples of eventualities covered under general liability insurance include the following:<\/p>\n\n\n\n<ul><li>Slip and fall accidents<\/li><li>Other third-party workplace injuries<\/li><li>Product liability<\/li><li>Advertising injury<\/li><li><a href=\"https:\/\/cowestdtc.com\/business-insurance\/professional-liability-insurance\/\">Professional liability<\/a><\/li><li>Third-party property damages<\/li><\/ul>\n\n\n\n<p>General liability insurance is&nbsp;essential as a single mishap such as a slip and fall accident or defective product can lead to a lawsuit which would send your business to its knees.<\/p>\n\n\n\n<h2 class=\"h4 wp-block-heading\">2. Commercial Auto Insurance<\/h2>\n\n\n\n<p>The car, truck or van you use in your business operations should have a&nbsp;<a href=\"https:\/\/cowestdtc.com\/business-insurance\/commercial-auto-insurance\/\">commercial auto policy<\/a>. The policy covers the costs of an accident if you or your employee is at fault.<\/p>\n\n\n\n<p>Generally, you will need this insurance if:<\/p>\n\n\n\n<ul><li>Your employees operate owned, rented, or leased company vehicles.<\/li><li>Your employees drive their vehicles to conduct your business.<\/li><li>You rent, lease, or own vehicle for business.<\/li><\/ul>\n\n\n\n<p>This type of insurance saves you from paying for medical expenses and damages incurred if your commercial fleet is involved in accidents.<\/p>\n\n\n\n<h2 class=\"h4 wp-block-heading\">3. Workers Compensation Insurance<\/h2>\n\n\n\n<p>In Colorado, it\u2019s mandatory for employers to carry&nbsp;<a href=\"https:\/\/www.colorado.gov\/pacific\/cdle\/employers-wc\" target=\"_blank\" rel=\"noreferrer noopener\">workers\u2019 compensation insurance<\/a>. It protects you from claims that come from within your company,&nbsp;which are as a result of negligence.<\/p>\n\n\n\n<p>If an employee suffers an injury on the job, this insurance covers the medical bills and lost wages. An employee who benefits from this policy won\u2019t file a negligence claim against the employer. It covers damages regardless of who is at fault of the injury.<\/p>\n\n\n\n<h2 class=\"h4 wp-block-heading\">4. Business Interruption Insurance<\/h2>\n\n\n\n<p>If you operate a business in a physical premise, you need&nbsp;business interruption insurance.&nbsp;This policy covers you from any&nbsp;events which may interrupt your business. These include:<\/p>\n\n\n\n<ul><li>State functions requiring the closure of businesses in a specific area<\/li><li>Catastrophes<\/li><li>Natural disasters<\/li><\/ul>\n\n\n\n<p>During the interruption, your employees won\u2019t be working. Your company will be incurring losses due to the business\u2019s inability to operate. Your insurer will pay for the losses you incur up to the end of the interruption period.<\/p>\n\n\n\n<h2 class=\"h4 wp-block-heading\">5. Property Insurance<\/h2>\n\n\n\n<p>In an event of theft, storm or fire, property insurance will cover your furniture, inventory, equipment, and other assets. Natural disasters such as hurricanes, earthquakes, and floods cause mass destruction of property.<\/p>\n\n\n\n<p>Your standard insurance policy doesn\u2019t cover mass property destruction. So, if your business is located in a disaster-prone area, you can arrange for a separate policy with your insurer&nbsp;or get insured by a company specializing in such disasters.<\/p>\n\n\n\n<p>Note that&nbsp;<a href=\"https:\/\/cowestdtc.com\/business-insurance\/commercial-property-insurance\/\">property policies<\/a>&nbsp;vary depending on your insurer. Thus, make sure you get a full list of what is covered&nbsp;before signing the policy contract.<\/p>\n\n\n\n<h2 class=\"h4 wp-block-heading\">Invest in Various Types of&nbsp;Business Insurance to Prevent Losses<\/h2>\n\n\n\n<p>The losses&nbsp;incurred due to risks and&nbsp;uncertainties can be unbearable. Insurance coverage will bring your business back to normalcy whenever a disaster strikes.<\/p>\n\n\n\n<p>Do you&nbsp;need insurance for your firm? We offer different types of business insurance policies at affordable prices. Contacts us&nbsp;today for&nbsp;<a href=\"https:\/\/cowestdtc.com\/free-insurance-quote\/\">a&nbsp;free quote<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are several risks involved in running a business. Here are the different types of business insurance that will ensure your enterprise is well protected.<\/p>\n","protected":false},"author":1,"featured_media":440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,15],"tags":[18,17,21,20,19,16],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Managing Risk: 5 Different Types of Business Insurance You Should Have<\/title>\n<meta name=\"description\" content=\"There are several risks involved in running a business. Here are the different types of business insurance that will ensure your enterprise is well protected.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Managing Risk: 5 Different Types of Business Insurance You Should Have\" \/>\n<meta property=\"og:description\" content=\"There are several risks involved in running a business. Here are the different types of business insurance that will ensure your enterprise is well protected.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/\" \/>\n<meta property=\"og:site_name\" content=\"CoWest Insurance Group DTC\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-10T13:27:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-02T13:12:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cowestdtc.com\/wp-content\/uploads\/2019\/05\/types-of-business-insurance.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"721\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bill Smith\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bill Smith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/\"},\"author\":{\"name\":\"Bill Smith\",\"@id\":\"https:\/\/cowestdtc.com\/#\/schema\/person\/73f0cc493be5a16a3ed18adf9dc9ea5b\"},\"headline\":\"Managing Risk: 5 Different Types of Business Insurance You Should Have\",\"datePublished\":\"2019-05-10T13:27:11+00:00\",\"dateModified\":\"2019-07-02T13:12:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/\"},\"wordCount\":623,\"publisher\":{\"@id\":\"https:\/\/cowestdtc.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cowestdtc.com\/wp-content\/uploads\/2019\/05\/types-of-business-insurance.jpeg\",\"keywords\":[\"Business Interruption Insurance\",\"Commercial Auto Insurance\",\"General Liability Insurance\",\"Prevent Losses\",\"Property Insurance\",\"Workers Compensation Insurance\"],\"articleSection\":[\"Business Insurance\",\"Managing Risk\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/\",\"url\":\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/\",\"name\":\"Managing Risk: 5 Different Types of Business Insurance You Should Have\",\"isPartOf\":{\"@id\":\"https:\/\/cowestdtc.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cowestdtc.com\/managing-risk-5-different-types-of-business-insurance-you-should-have\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cowestdtc.com\/wp-content\/uploads\/2019\/05\/types-of-business-insurance.jpeg\",\"datePublished\":\"2019-05-10T13:27:11+00:00\",\"dateModified\":\"2019-07-02T13:12:34+00:00\",\"description\":\"There are several risks involved in running a business. 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