3 Types Of Insurance Coverage Your Company Needs

Buying insurance for your company or business is very important as running a business opens you up to a lot more liability than you would normally face. Listed below are three types of commercial insurance coverage that you should have. 

Data Breach

One of the most important types of coverage that your business can have is data breach coverage. This is vital because if your company should be a victim of a data breach, you can face very stiff penalties and fines from the government, particularly if your business is in the medical or financial industries. In addition, if the leaked information leads to financial loss for your customers or clients, you can be held liable for those losses as well if you do not have data breach coverage.

Business Interruption

Another very important type of commercial insurance coverage to consider is business interruption. Business interruption insurance will provide you with a portion or all of your lost income if you cannot continue doing business due to a disaster or damage to your property.

For example, if your business is completely destroyed by a fire, your insurance company will help you make up the lost income until the building can be completely rebuilt or repaired. This coverage will also apply if your facility is fine, but a key piece of machinery is destroyed and you have to wait weeks for a replacement.

Commercial Auto Insurance

Finally, you will want to consider commercial auto coverage if you or your employees utilize company vehicles. Commercial auto insurance will help protect you if one of your employees gets into an accident while driving a company-owned van, truck, or car. Without this kind of insurance, your company may end up having to pay for the repairs and medical expenses caused by your employees in the event of an accident.

You will also want to consider non-owned commercial auto insurance. This type of coverage allows you to protect yourself and your company by insuring your employees' personal vehicles when those vehicles are being used for work purposes. In this way, the employees will not have to worry about having to pay out of pocket if their vehicles are damaged while working and you are covered if they end up causing an accident.

Contact your insurance agent (like those at Mariano Agency) in order to discuss what types of coverage he or she believes would benefit your company. Commercial insurance options to consider are data breach coverage, business interruption insurance, and commercial auto insurance.