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Financial insurance is a type of insurance policy that is frequently purchased by businesses. It provides coverage that protects them from losses due to a partner in a contract failing to meet their obligations. It can also protect against various other types of commercial financial losses.

Insuranceopedia Explains Public Liability Insurance

This policy covers bodily injury or damage to property. The electrician, for instance, can cause faulty wiring in a client's home or a shop's customer can bump their head against a wall. The aggrieved parties might file a case in court, which is when public liability insurance comes in handy, since it will cover legal fees.

A public liability insurance policy is a must for anyone whose business or job requires meeting people on a regular basis, whether as an electrician who goes from one house to another or a store owners who receives different clients every day.

What Does Public Liability Insurance Mean?

Public liability insurance is a policy that covers loss or damage to a third party while conducting one's professional duties or while in the business premises of the policyholder. It also covers legal fees in case of litigation.

Insuranceopedia Explains Financial Insurance

In addition to mitigate against the financial consequences of a partner in a contract failing to meet their obligations, financial insurance also protects against various losses, including those from sudden, massive drops in the values of stocks or a business partner going bankrupt.

Types of Insurance All Businesses Should Have

There are some risks that are an inescapable part of doing business. Your business could be involved in a lawsuit, face trouble when a natural disaster strikes, or have to cease operations because of events beyond your control. When these risks become a reality, they can be costly and even a profitable business might not have the resources to manage the expenses. That's why the protection of business insurance is essential for any company.

Here are six business insurance "must-haves" that  ensure your company weathers serious but common problems and continues to prosper.

 Commercial General Liability Insurance

Legal experts say most businesses are sued at least once, even when they follow best practices (see Insurance and Lawsuits: What Happens When You Are Sued? to learn more about the process). Commercial general liability insurance protects your business from the repercussions of liability due to your business’s negligence. Negligence, in this case, means the failure to exercise the required amount of care to prevent injury to others, such as a customer, an employee, or even an innocent bystander, due to your business's actions, services, or products.

For example, 

if a truck driver hits another vehicle and injures a 

passenger in part because the company scheduled him to work 60 hours that week, that may be construed as company negligence. It could be argued that the company overworked the driver, which created an unsafe situation. If someone sues your business, general liability insurance will kick in to cover legal fees, medical expenses, settlements, judgments, or appeals. It also protects your business against libel and slander.

And there's another reason you need liability insurance. Some clients won't work with your company unless you have it. This is a way for them to manage their own risks: they don't want to rely on a company that may not be able to deliver because of a lawsuit.

Business Interruption Insurance

Although commercial property insurance pays to fix or replace equipment, buildings and your inventory, it does not cover the money lost because you cannot continue operations. If your building is under three feet of water, or every piece of specialized machinery needs replacement, it could take months to start up again (find out How to Protect Your Business from Coverage Gaps Related to Equipment Breakdowns).

Disasters befall many businesses. Water tanks burst, structures weaken, and personnel make costly mistakes. Unpredictable natural events like flash floods, tornadoes, hurricanes, and fire can unexpectedly shut down a business too. They can wipe out stock, ruin equipment, and even topple buildings (learn bout insuring Building, Contents, and Stock). 

Commercial Property Insurance

Commercial property insurance protects business property from loss or damage. Environmental forces, such as hail, lightning, fire, smoke, and wind, can strike quickly and harshly. Other threats like vandalism, theft, and civil disobedience may wipe out operations if you lack coverage.

Two basic types of commercial property insurance exist: named peril and all-risk. Named peril insurance policies only cover the specific risks listed in the policy. Earthquake and flood insurance are two examples. They are less expensive, and the insured must prove that the peril caused the damage. On the other hand, most commercial property insurance policies are all-risk policies. They cover any risk, except those listed as exclusions in the policy. Common exclusions are war, earthquake, flood or sewer backup, seepage, boiler explosion, governmental restrictions or interventions, as well as ordinary wear and tear. As these policies include most damage, insurance companies must prove that damage is due to exclusion to avoid a paying out a claim.

Commercial Auto Insurance

Commercial auto insurance protects your employees, equipment, and products if drivers have collisions or damage company vehicles. If your employees drive their own vehicles while doing business for the company, you need non-owned auto liability insurance. This protects you in case the driver does not have insurance or their coverage is inadequate.

Workers' Compensation

According to law, businesses with employees must carry workers' compensation insurance. You have the option of obtaining coverage yourself, or you can buy it through your state insurance program. This insurance provides medical benefits and wage replacement to employees if they are injured while working, and it provides you with peace of mind. Employees receiving benefits under workers' compensation insurance cannot sue so you avoid legal expenses and complications (see An Intro to Workers' Compensation to learn more).

Data Breach

You might be surprised to see this on the "must-have" list, but times have changed. A serious threat to any business, hacking isn't restricted to information either. While hackers tend to focus on companies that store private or sensitive information, they also hack money. Indeed, in recent years hackers breached the security of Adobe, eBay, Target, and even JP Morgan Chase. Ryanair, a U.K. budget airline, lost $5 million because of hackers.

U.S. data giant Intel estimates the annual cost of cyber crime at between $375 and $575 billion globally, including what criminals take and the cost to companies. Cyber crime is on the rise as returns are great and risks are low. A data breach policy is a low-cost way to protect against electronic and paper file breach.

Conclusion

These six forms of insurance will protect you against the most common business risks. You can also buy a business owner’s policy (BOP) that bundles many of these policies into one at a lower cost (find out how a BOP differs from general liability insurance). Don’t be left in a lurch without the coverage your business needs. Discuss your business needs with your agent or broker and look for tailored insurance coverage.

Top Tips for Saving Money on Your Insurance

 for many of us, insurance is getting expensive. Insurance rates have a bad habit of creeping upward every year, even when you don’t file claims or make changes to your policy, which can easily make premiums the highest line item in your budget.

Get multiple quotes

When you do shop around, don’t settle for the first insurance quote you get. The fact is—insurance rates vary widely between insurers, meaning one company may give you a rate that’s significantly lower than the others. You won’t know, however, until you get multiple quotes and compare them

Before you just go ahead and pick an insurance company,” George Birrell, CPA and founder of TaxHub advises, “you need to see what other rates and offerings are out there. Once you find this information, you can decide which company offers the best prices for the best coverage.”

Read more: How to Compare Car Insurance Quotes, Rates and Offers

Use offers to negotiate lower prices

But what if you like your insurance company? Do you have to pay higher rates to get the service you enjoy?

"Don't be afraid to leverage offers from other companies,” Jake Hill, CEO of DebtHammer, recommends. "If you know you can get your auto insurance for $70 per month from company A, but you like the policy of company B better, tell them the rate you're getting with company A. Agents are often authorized to give small discounts, and they will be more inclined to do it if they think they'll lose you to another company."

Not necessarily. In fact, even if you prefer your insurance company to all others, you should still look for a better deal. Then, when you find one, use it to negotiate a lower rate with your current insurer

Bundle, bundle, bundle

Jimmi Lewis from Voi Insurance Solutions agrees: ”Bundling your home, auto and other personal insurance coverages presents one of the best premium reduction strategies available. Discounts of approximately 25% on each policy may be available when you bundle your coverages with the same insurance company."

If you have car insurance with one company, home insurance from another, and boat insurance from still another, you may be paying more than if you had them all with one company.

Choose the highest deductible you can afford

Another option is to change your deductible throughout the year, as Nathan Sanchez of Sanchez Insurance Group recommends. "Change your deductibles seasonally depending on the risk factors. Ask your agent if you can have higher deductibles during lower risk times. For example, if you are not in hail season, increase your wind and hail deductible during that time of year. This will save you money without putting yourself at unreasonable risk.”

Deductibles can be a tricky business. Set your deductible low, and you’ll pay less when an accident happens, though not without a cost: because the insurer will pay more, they’ll also make you pay more in premiums.

“We recommend that clients choose as high of a deductible as they can reasonably afford at any moment’s notice,” says Jimmi Lewis of Voi Insurance Solutions. “Increasing your deductible can help reduce your premium significantly, as well as reduce the urge to file a claim for a smaller amount of damage, thereby ensuring future premiums remain low.”

That means, if you want to lower the cost of insurance, one quick fix is to raise your deductible, preferably to match whatever you have in your emergency fund