One company manufactures golf balls. Another builds golf courses the balls are used on. These companies have very different needs. Despite their businesses being intertwined, the businesses’ needs vary greatly.
This is also reflected in what they should look for in insurance coverage, as not every company faces the same risks. For some companies, liability is a priority. For others, workers’ compensation is top of mind. While it’s essential that all companies carry insurance coverage, not every policy is the right fit for every company. Some common policies span industries, but each business’s unique priorities contribute to its insurance needs. Here’s a breakdown of the most common needs by industry:
Home and building services: If you offer home or other building services, it’s important to ensure you have commercial auto, workers’ compensation, property and liability insurance. You should have insurance coverage for tools and equipment.
Office: Companies that rely on offices have to protect their assets, employees and intellectual property. With a focus on Internet-necessary services, these companies place a premium on auto, workers’ compensation, property, liability and cybercrime insurance.
Manufacturing: In manufacturing, worker and consumer safety must be guaranteed; thus, liability is high. There are many moving parts, and they must all have proper insurance coverage. Manufacturers must require auto, product recall, property, workplace injury, workers’ compensation, liability and equipment failure insurance.
Education and nonprofits: Organizations that serve others need insurance. Business owners in this field should focus on workers’ compensation, counseling liability, auto, liability, property, and tuition and fees policies.
Retail stores: Retailers are at high risk when it comes to property, liability, commercial auto, and workers’ compensation claims, and they must secure coverage for these issues. Retail store owners should also secure coverage for income loss and crime in addition to business interruption insurance and protection against theft and fraud.
Religious organizations: For this industry that people rely on for crucial decisions, it’s important to cover any property involved and leadership as well. Religious organizations should obtain solid coverage in pastoral professional liability, business liability, business property and business crime insurance.
Hospitality: Business professionals in this industry have many different needs when it comes to insurance. It’s vital to obtain policies that provide business property insurance, business personal property insurance, workers’ compensation insurance and business liability insurance to properly insure your business and your guests.
Real estate: There are unique risks in the business of selling real estate. Make sure you’re covered by policies for business property insurance, business income insurance, sale and disposal liability insurance and rent guarantee insurance.
Restaurants: Your business model poses risks of employee injury and medical issues as well as fires and other accidents that result in property damage. For proper business coverage, it is recommended you obtain restaurant property insurance, restaurant liability insurance, restaurant crime insurance and workers’ compensation insurance.
As you can see, each business is unique, even within its own industry. Speak with our office today to determine the exact needs for your company and how we can help you.