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3 Industries Most in Need of Business Insurance

June 6, 2017 By admin

All business owners in all industries will have to invest in some form of insurance over the course of their career. The specifics of the items that need coverage will vary from business to business.

For example, a daycare facility and shipping warehouse won’t have the same insurance needs; the daycare facility will need insurance on each child in its care, which is different than insurance that comes attached to manufactured products.

Here are a few examples of businesses that will need industry-specific insurance plans.

 

Table of Contents

  • Contractors
  • Auto Service and Repair
  • Food and Beverage
    • Wait! Before You Go, Read:

Contractors

Image source

Whether it’s electrical, excavation, construction, plumbing or any other type of vocational contract, you know that accidents can happen at any moment. Because each business is different, business insurance options for contractors can vary from a typical standard policy to a more complex mix of coverages. The type they will need largely depends on what kind of contracting business they’re in—such as engineering, building or even janitorial— as well as the size and location of their business.

Contractors will want to focus on safety based business insurance plans, like:

  • Workers’ Compensation Insurance
  • Errors and Omissions Insurance
  • Contractor’s Equipment Insurance
  • Employee Dishonesty Coverage

No matter what type of contract work they do, they’ll want to make sure that you are covered.

 

Auto Service and Repair

Image by  Cryostasis via Flickr

Drivers all over the country depend on auto service shops and repair garages to get them back on the road as quickly as possible. If these businesses are interrupted due to unexpected incidents, for example, a fire, flood or robbery, will typical insurance plans cover the specific needs of an auto repair shop? Garage liability insurance will cover these businesses for damages that occur during the course of garage operations and is an enhancement to commercial property liability coverage.

Additional coverages repair garages should pursue include:

  • Equipment Breakdown Coverage
  • Employee Practices Liability Insurance
  • Workers’ Compensation Insurance
  • Sewer or Drain Coverage

It’s important for owners to protect themselves and their customers from physical damages to a customer’s vehicle or themselves while on a job.

 

Food and Beverage

Image credit

It can be a real joy to watch someone savor a signature sandwich or artisanal cocktail that you made yourself. When you own and operate any kind of food and/or beverage service business—like a deli, restaurant, coffee shop or tavern—you will need to make sure have the proper coverage from your insurer. Food service has its own special set of risks, headaches and unforeseeable events that can pose serious financial turmoil to the underprepared. For example, if a customer slips on a wet floor without adequate signage, they can file a lawsuit against the restaurant. Will typical insurance cover the cost of legal fees? Probably not.

Some additional business insurance enhancements a restaurant or bar should look into are:

  • Equipment Breakdown Coverage
  • Employee Dishonesty Coverage
  • Utility Services and Spoilage Coverage
  • Sewer and Drain Coverage

Great insurance for restaurants is just as important to the future of the business as an irresistible menu and great customer reviews. If the policy is outdated or inadequate, an enterprising restaurateur may find themselves shut down temporarily or even long term. It’s extremely important that you do your homework and find insurers providing the best small business insurance quotes that will cover all of the potential hazards facing your business.

 

After an unfortunate situation, the last thing you want to worry about is how you are going to rebuild. Even if you aren’t in any of the above industries, getting the right amount of business coverage will help keep your organization afloat during the worst.

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Filed Under: Small Business Tips Tagged With: small business

Comments

  1. Santu says

    June 7, 2017 at 11:49 am

    Thanks for the post about business insurance, very informative.

  2. Shantanu Sinha says

    June 8, 2017 at 11:29 am

    Hello Erik,

    This post is surely a thing to keep around today 🙂
    Indeed insurance for our business really do matter. They provide the backbone for our business, if
    something goes
    wrong then it could lead us out from that dramatic scenario.

    Thanks for the share
    Shantanu.

  3. Venu says

    June 12, 2017 at 6:55 pm

    As per my knowledge, Auto service and repair is the main thing everyone seek for insurance.

  4. Rajkumar says

    June 14, 2017 at 8:53 pm

    All the three reasons people want to have insurance are mentioned by you. These are the main things needed in any ones life.

  5. Kimsea Sok says

    June 23, 2017 at 10:17 am

    Well, everyone should have the insurance.

    As I could remember, when I was working for a financial company, I have both life insurance and medical care. However, after I quite the job, I have no insurance. I haven’t cover any insurance. It difficult to explain the feel like, but it isn’t safe.

    I do agree what above listing, they are high risk industrial so the insurance should be need. What’s more, as I told I used to work for financial company and that company also require the insurance to cover the loan as well.

    Thanks for sharing..

  6. LNweaver says

    August 1, 2017 at 1:06 am

    I can see why contractors would really need business insurance. Like you said, accidents can happen at any moment. Those industries have such high liability that contractors may even become bonded to offer protections to their customers.

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