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.

 

Contractors

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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

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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

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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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