Every business faces different risks that can put their products, employees, or customers in harm’s way. But since these risks vary, it can be hard for entrepreneurs to know what to include in their business owner’s policy—an insurance plan that covers the specific risks your company faces. If you’re shopping for policies to protect your company from financial loss, here are five specific types of business insurance and how they may help you.

5 Important Types of Business Insurance Your Company May Need

1. Property

Whether you operate from a restaurant, retail store, office complex, or warehouse, property insurance is necessary to cover any damage that may impair your physical work location. For example, these policies may cover losses caused by fire, wind or hail, theft or flood. Plans can also be adjusted to cover the not only the building but also other property your business owns—including equipment or stored inventory.

2. Liability

If a customer gets hurt on your property or is harmed by a product, your business will likely be held liable for the resulting medical and legal costs. Depending on your needs, liability coverage will provide funds, so legal and medical fees don’t have to bankrupt your business.

3. Worker’s Compensation

When employees are injured on the job, your company may be held responsible for medical fees and lost wages. Worker’s compensation insurance is designed to cover these costs. Typically, when workers agree to be protected by this coverage, they waive their right to sue your company for damages.

4. Auto

From company cars to delivery vans, there are many different automobiles your company may rely upon every day. If these vehicles are involved in an accident, auto insurance will help cover property damage and medical fees. Unlike personal auto insurance, this coverage can be designed to apply to all employees that operate vehicles.

5. Business Interruption 

Bad weather, faulty products, data breaches, and other disastrous events make it difficult to serve customers and to keep money coming in. Rather than facing financial losses due to closure, you can add business interruption insurance to your policy. While the exact terms can vary, this coverage should make up for income that was lost during the closure.

Navigating business insurance products isn’t always easy or quick. That’s why many local organizations trust in Simmons Insurance Group of Southeastern Ohio. Serving the region for nearly 50 years, these experienced agents know how to assess risks accurately and develop customized business-owner policies to meet your needs. In addition to providing you with peace of mind, this team will work to keep your rates low and your terms fair. Visit this agency online to learn about all of their personal and commercial insurance products. For quotes, call (740) 667-3111 to reach Coggeshall-Simmons Insurance in Coolville, OH, (740) 423-7871 to speak with Simmons & Simmons Insurance in Belpre, or (740) 949-3138 to connect with Simmons, Musser & Warner Insurance in Racine.