No matter what industry you’re in, every business owner needs to protect the assets and liabilities of their companies. Since every business is different, the types of insurance coverage and policy requirements vary as well.
With this in mind, every company should invest in the commercial insurance applicable to their respective industries. This post takes a look at a few of the common types of insurance well worth considering to keep your business, employees, and customer data safe.
A Wide Range of Insurance Policies to Choose From
Commercial insurance can typically be defined as a comprehensive range of smaller insurance products that are designed to protect specific aspects of a business. With a wide range of products under the commercial insurance umbrella, it’s easy for every business type to find the best coverage for their business.
- Cyber Insurance
Everyone who goes online for any particular reason is well aware of the dangers of cybercrime. It only takes a scammer a few clicks to hack into your personal information and steal your information or use your identity to commit fraud. The risk to your business information is no different.
Cyber insurance has been designed to combat this and should form part of every business’s coverage. Typically, cyber liability insurance covers your business against any breach of personal or business information and data. Your business will commonly be covered against:
- Breach of website and data
- System recovery
- Brand protection
- Extortion by hackers
- Multimedia liability
- Copyright infringement
- Hospitality Insurance
If you’re working in the hospitality industry, then your business will benefit from hospitality insurance. This type of insurance covers the following areas:
- Café Insurance and Restaurant Insurance
- Wine Bar Insurance
- Pub Insurance and Hotel Insurance
- Nightclub Insurance
- Motel Insurance and BnB Insurance
- Caravan Park Insurance
Since every hospitality business varies, your coverage can be tailored to suit your company’s unique needs. Your insurance broker will make recommendations based on a combination of your needs and the general industry standards and trends.
- Amusements and Leisure Insurance
Amusement and Leisure Insurance refers to the type of insurance used in the amusement rise, showman, and carnival industry. Anyone using anything from high-risk entertainment devices to children’s inflatables will benefit from this insurance cover.
Having this cover in place can also protect any of the following machinery or pieces of equipment in your business:
- Inflatable water parks
- Water slides
- Feris wheels
- Trackless trains
- Photo booths
- Dunk tanks
- Mobile hanging wall
- Gladiator duels
- Bungees
This type of insurance can also cover liability for the use of a wide range of carnival entertainment such as shooting galleries, balloon busts, and laughing clowns. Other aspects such as food vans and mobile coffee carts can also be covered under this insurance.
- Information Technology Liability Insurance
Every modern business is reliant on the internet to share and promote their products and even perform sales and shipping processes. This means your business will also rely on IT services and professionals to help your business run smoothly.
Having IT insurance is essential for businesses in the following services:
- Computer consultants and managed services
- Hardware and software resellers software developers
- Hardware manufacturers
- Internet service providers
- Web hosting internet services
- Telecommunication services
- Systems Integration
- Maintenance and repair
- Data processing
- Data warehousing
This type of insurance also covers aspects such as civil liability, contractual liability, and technological-related injury. This will ensure that your business is protected against every IT-related eventuality.
- Building Construction & Civil Contractors
Anyone who owns a business in the construction and building industry knows how essential the right type of insurance is. To ensure that you’re covered for any eventuality, consider opting for a broad policy that covers the insurance needed in the Building and Construction trade.
This will typically cover the following:
- General construction: This covers the construction of residential, commercial, and industrial structures.
- Third-party liability: Refers to the legal liability of third parties who suffer personal injury or property damage due to the Insured’s negligence.
- Advanced business interruption (or Delay in start-up): This covers loss of profit caused by a delay in completing a project and is available on a gross-profits, rentals or holding-costs basis.
This type of insurance is mostly suited to the following business types in the building and construction industry:
- Landscapers
- PIumbers
- Electricians
- Landscapers
- Painters and decorators
- Owner builders
- Cabinet makers
- Pool builders
- Home builders and renovators
Final Thoughts
If you’re a business owner, it’s a good idea to speak to your insurance broker about the best coverage for your company. This will give you peace of mind that your business is covered against as many eventualities as possible.
Keeping your business assets secure and protecting yourself against potential liability should be one of your top priorities. You’ll have peace of mind that your company, employees, and customers are always protected!
