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Common Types of Business Insurance Every Company Should Have

Updated: Apr 14, 2023

Business insurance policies can be confusing and complex. One of the easiest ways to simplify your understanding of these policies is to look at general liability, professional liability, contents, and cybersecurity policies in more depth. Every business owner should know more about each of these types of insurance. This article will explain the difference between the policies and help you determine which policy your business should buy.


Common Types of Business Insurance Every Company Should Have


1. Professional Liability Insurance


Professional liability insurance is an insurance policy that covers your business in the case that you are sued by a client, customer, or patient.

Professional liability insurance can cover a wide variety of cases. Typically, businesses that work with the public will need this type of coverage. General contractors, investment advisors, lawyers, accountants, insurance agents, and even plumbers may need this type of coverage.

Professional liability insurance will pay for your legal defence in the case of a lawsuit. It will also pay for damages if the suit is successful. The policy may also pay for settlements that can be made outside of court in some cases.


2. General Liability Insurance


General liability insurance will cover you for any accidents that may occur at your business. The policy will pay for any damages or injuries that may occur on your business premises.

General liability insurance will also pay for any legal defence that may be caused by negligence on your part. As with professional liability insurance, general liability will also pay for any court damages or settlements.

General liability insurance is a good investment for any business. It is common for general liability policies to cover everything from accidents on your property to injuries caused by a slip and fall.


3. Business Property Insurance


Business property insurance covers your business in the case your business may lose inventory due to theft, fires, or any other type of damage. Business property insurance will also pay for any lawsuits that may be filed against your business if there is damage to the property of others.

Business property insurance policies cover your business in the case of theft or damage to your computers or other equipment. This includes damage caused by fire, floods, earthquakes, and other disasters.


4. Cyber Insurance


Cyber insurance is a special type of insurance that covers cyber-attacks and hacks. Cyber insurance policies cover many of the costs associated with cyber-attacks on your business. These can include the cost of legal defence, any stolen data, and any other costs associated with the attack.

Cyber insurance is one of the most important types of business insurance your business should invest in. As more businesses move to digital platforms, there will be more cyber attacks. A cyber attack could cause your business to lose hours of work or important business data.


Conclusion


After reading this article, you should have a better understanding of each type of insurance your business should buy. There are many more types of business insurance than those listed above. If you’d like more information on these policies and other types of business insurance, talk to your insurance broker. The insurance broker will be able to help determine which insurance policies you need to buy to protect your business against risk.

If you are looking for insurance agencies in Saskatoon, visit Cooke Insurance. Established in 1979, Cooke Insurance is a three-generation general insurance broker and SGI Motor License Issuer providing personal, commercial and specialty insurance services.

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