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Being a business owner can be somewhat exciting and scary at the same time, as you may have to face many ups & downs in running your business. That’s why it’s essential to find the best type of insurance that can protect your business from unexpected situations.

Business insurance protects you from financial damages that can result from unexpected events such as property damage, legal liability, workers compensation, accidents claims and other situations when running a business . These events might ruin your entire effort of building your business & having accurate coverage is critical in minimizing the negative impact of claims against your business.

Common types of business insurance

Let’s remember that having insurance not only protects the business itself but also the Legal liability of you and also the people involved like business owner, family members and employees.

Business Insurance cover includes:

  • Property insurance which provides cover for your assets such as building, contents, stocks against Fire, Lightning, Explosion, Cyclone, Storm,
    Tempest, Flood, Other Natural Perils, Impact Damages, etc.
  • Burglary insurance cover for loss of contents & stocks as a result of burglary which should involves actual, forcible and violent entry to or exit
    from premises.
  • Business interruption insurance cover which takes care of loss of your net profit & standing charges as a result of operating a peril covered
    under the property insurance section.
  • Glass insurance cover to take care of accidental damages to your fixed glasses / showcases Money insurance, which provides cover for money /
    cash during transit (daily transits to bank) & also the money in Safe after normal business hours.
  • Legal liability towards general public will take care of by the Public Liability insurance cover.
  • Personal accident cover for business owner & spouse / family members to compensate in the event of an accidental death or bodily injury.
  • Workmen’s Compensation insurance to take care of your workers by compensating them in the event of an injury or ailment due their occupation.

Where to start?

First, you have to be aware of what type of business you are in, and there’s no one who knows more about this than you as the Owner.

In general, these are the phases that you’ll have to overcome: