As we've recently discussed, your business may require various types of insurance to protect it from the unpredictable storms of liability. But as you might imagine, it was impossible to cover all of the many helpful types of business insurance in the same digital breath.
For example, what about employee health insurance? Or insurance for corporate events? We hear you.
Now that we've had a breather, here are five more types of insurance your business may need:
1. Health Insurance
In 2012, one in four small businesses lacked health insurance, and in 2015 Obamacare's employer mandate will take effect (probably, barring any more delays). Regardless of the size of your business, you have several options when it comes to obtaining health insurance for your employees in compliance with the Affordable Care Act.
The much-maligned online health insurance exchanges can also be used by small businesses through the Small Business Health Options (SHOP) Marketplace.
And while it's true that your small business may not be required by law to supply your employees with health insurance, you still may not want the liability that comes with an office full of sick employees.
2. Event Insurance
Your business may already have commercial liability insurance, but it may pay off in the long run to purchase event insurance for your next business retreat or grand opening. The extra coverage for liquor liability and personal injury couldn't hurt, and if the event is canceled, you'll be able to get some money back for those non-refundable deposits (e.g., the chocolate fountain that you ordered).
3. Malpractice/Professional Liability Insurance
Professional liability insurance, also known as malpractice or error and omissions insurance, may be required if your business or firm largely employs:
- Architects, or
This type of insurance protects you from liability from claims that an error or omission that caused a client to suffer physical or financial harm.
4. Disability Insurance
For very small businesses or sole proprietors, disability insurance can be the key to keeping you (and your future business) financially afloat in the event of a short-term or long-term disability. Employers may also consider offering this benefit to employees.
5. Auto Insurance
If your business involves travel or delivery by car, then it might be smart to get some auto liability insurance. Since you're likely to be held liable for accidents that occur while your employee is driving (even his or her own car) within the scope of his or her employment, you'll want a policy that covers those potential risks of liability.
Talk to your business attorney about which insurance policies are right for you.