Business insurance has become more prominent than it used to be. National laws often regulate insurance, so the types of business insurance available to entrepreneurs differ from region to region. We would classify business insurance into four major categories.

Liability Coverage

This classification of insurance protects the business against bad things that happen to people from a business’s activities. Successful companies often encounter many people in their value chain, and accidents happen. Liability coverage describes a package of insurance that tackles any liabilities.

• General Liability
• Medical Expense Liability
• Product Liability
• Employee Practices Liability
• Professional Liability
• Cyber Liability

Property Coverage

Another aspect of business insurance is property coverage which protects the physical assets your business has; offices, equipment, data, documents, and even money. Natural elements, external agents, and malicious actors could damage your business’s non-human assets, so it is wise to protect your indispensable assets with insurance. Under Property coverage, we can find;

• Building Coverage
• Business Personal Property Coverage
• Specialized Equipment Coverage
• Data Compromise Coverage
• Money & Securities Coverage
• Business Income Coverage
• Equipment Coverage
• Forgery and Alteration Coverage

Employee Benefits

Your staff are your most valuable asset in driving your business through sustainable growth, and it is important that they are kept motivated. In Nigeria, the law states that employers with 3 or more staff are mandated to take up Group Life insurance for their staff, that pays out a sum assured to the family of the staff in the event of something adverse. Group personal accident and Group health insurance are also important benefits that employees deserve and can essentially boost productivity.

Workers Compensation

Your business is exposed to risks associated with labour. Disagreements between companies and employees are not strange. A series of events may lead to contract breaches, or something awful could happen to the company or worker that could cause harm. Worker’s Compensation coverage handles incidents where a worker would need the payment for injuries or damages. This category of insurance is usually tariff rated.

Auto-insurance

Transportation is critical to any organization; thus, auto insurance is one of the necessary insurance policies businesses undertake. Most companies and firms possess a fleet of cars that aid in moving workers from place to place. Instead of buying insurance for each car, businesses could buy one auto insurance for all of their vehicles as a package deal.