As an entrepreneur, you put in a significant amount of time and money to keep your business running. However, an injured customer’s lawsuit or a fire could be financially devastating to your operations, which is why it’s crucial to invest in the right types of business insurance. Here are several policies owners should have in place.

The Business Owner’s Guide to Insurance 

1. Property Insurance

This type of policy covers a host of business equipment if they get damaged. From computers and furniture to inventory and the actual office building, property insurance is essential coverage. Should the items or structure be harmed, this business insurance policy pays for the repair or replacement costs.

2. General Liability

As a business, there is always the possibility of accidentally harming a customer, vendor, or another third party. General liability business insurance pays for any lawsuits filed against you and the firm if someone sues for bodily injuries or property damage. The coverage includes payment for legal fees and any monetary settlements.

3. Workers’ Compensation

Most states require businesses to have workers’ compensation if they have full-time employees. The coverage pays for an employee’s medical expenses if injured on the job. A standard policy also covers the injured staffer’s wage losses while they recover. When an employee uses workers’ compensation, they must agree to not sue their employer, protecting your business.

4. Computer Data Breach

Unfortunately, more companies are experiencing hacks to their internal computer systems. Cybercriminals are constantly trying to steal customer and employee data. Data breach insurance covers expenses associated with recovery efforts and any financial losses as a result of the infiltration.

5. Business Owner Policy

If you want a package coverage for a range of perils, a business owner policy (BOP) does just that. A standard plan includes property insurance, general liability, and commercial vehicle coverage. Depending on your business’s unique needs, you can tailor the BOP to include additional protections.

You’ve worked hard to start and grow your company. Protect it from the unexpected by securing the appropriate coverage. Kirk Insurance Agency in Spearman and Perryton, TX, specializes in assisting small businesses in Ochiltree County from a variety of industries. The family-owned firm never takes a cookie-cutter approach with its clients. You can count on receiving business insurance that is specifically tailored to your operation’s unique needs. To learn more and receive a free insurance quote, call (806) 659-2794 to reach the Spearman office or (806) 435-2900 for Perryton. Visit the website to learn more about their services.