All small businesses are required to have a certain minimum amount of insurance to protect the general public and employees from injury and personal property damage. However, the nature of some industries requires specialized business insurance policies. Depending on your particular line of work, here are some to consider.
If you are a landlord or developer, don’t rely on on generalized properties to protect your valuable real estate investments. Rental property insurance covers risks from the following occurrences:
- Natural disasters
- Tenant claims
- Loss of income due to vacancy
If part of your job is giving educated advice to clients, you need
to protect you from making honest mistakes. This type of policy protects from errors and omissions in the following fields:
- Financial advising
Unfortunately, being held captive to the whims of inanimate objects is an everyday fact of life for those in industries based on the use of machinery. Equipment breakdown insurance covers costs associated with the following inconveniences:
- Repair of damaged equipment
- Replacement of outdated models
- Maintenance of backup inventory
Don’t base your insurance needs on what the companies around you are using. Every small business is unique, and should have specialized insurance to minimize its own particular risks.