8 Types of Business Insurance – Kirk Salmon
Organizations rely on business insurance to protect them from risks and threats to their operation. Simply, it means transferring risk to insurance products.
There are various types of insurance for your business. A broker can help choose the right mix of insurance for your business by determining which coverages meet your exposures and risk appetite. Then, your broker will present your risk to an underwriter who will set pricing for coverage.
While some brokers specialize in insuring specific types of business, others will place policies specific to your business activities.
Here are eight types of insurance needed by many businesses:
(1) PROPERTY INSURANCE
Property insurance covers the contents of a business from such events as fire, theft, break-in, flood and other severe weather events. A covered property includes those owned, rented or leased.
Coverages can include cyber intrusions, injuries sustained while operating company equipment and often crime coverage. Coverages usually are grouped in one policy.