The purpose of any business insurance plan is to save your business from a list of risks and liabilities. While business insurance plans are a must to buy product for your business, you must know the list of most common business insurance plans available in the market so that you will be able to make the right decision when it comes to choosing the best insurance plan. Here is an overview of the most common types of business insurance policies for your business to choose from. Do some research, identify your typical needs and then go for the right kind of plan while investing in a commercial insurance plan Calgary.
A health insurance plan does not cover your business directly. Nevertheless, it is one of the most popular business insurance plans you can think of. Health insurance plans in the context of business helps your employees avail of a decent healthcare to stay healthy. Since healthy employees can in turn boost up your productivity, this becomes a very important plan to invest in. Also, a lot of employees these days expect to see health insurance as part of their compensation package.
Professional liability insurance
These plans offer protection against the lawsuits that could be filed by your customers or clients alleging that your firm has not fulfilled the promised duties. In the event of any such settlement necessitated, this kind of policy will compensate the loss you might incur by settling such claims.
Commercial property insurance
The objective of a commercial property insurance plan is to cover the losses your business might sustain on account of fires, natural disasters, acts of vandalism, explosions and other kinds of business property damages. While some plans provide flexibility, some plans cover only a few types of damages specified in the plan.
General liability insurance
General liability insurance plan can come to your aid when you will have to face lawsuits for the personal injuries sustained by your employees, vendors or visitors. This can also cover the damage your employees might inflict on an external entity’s property.
Business owner’s insurance
The aspects a business owner’s insurance will cover are general liability and property insurance. This type of plans help you save on the insurance premiums by bundling together a host of coverage topics. If you have to go for a separate liability plan or an independent commercial property insurance plan, you will have to spend a lot more.
While cyber security breaches and cyber-attacks have become very common these days, a cyber-insurance or data breach plan can provide you extra security. You must know that even the best kind of cyber security software cannot assure a complete protection against cyberattacks. For your safety reasons, you must invest in a cyber-insurance plan or a data breach policy for an extra layer of security. Cyber insurance plans can help protect your bottom line.
Commercial auto insurance
If your company operates its own vehicles for logistics and transport, a commercial auto insurance plan will come to your aid. A personal auto insurance plan will not cover your business vehicles. However, commercial auto policies can help cover the property damage or the injury claims following accidents caused by those driving your company vehicles.