Is business insurance different for different types of businesses? For example, is engineers’ insurance the same as architect’s insurance or is, say, insurance for a doctor’s office doctor’s all the same thing? The answer is, no, and yes. Let’s explore what that means.
Types of Business Insurance
Every business needs at least one liability policy which we have discussed previously. A quick summary is that a liability policy will cover injuries caused to a third party.
Depending on the business, the size, the assets, and corporate structure will determine the types of liability policy for that business.
For example, a doctor will carry malpractice insurance like an engineer or architect, but the limits may, or may not, be higher. The architect and engineer may carry errors and omissions insurance where the doctor’s office may not.
Each business should carry a property and casualty policy to insure for losses against real or personal property. It might make sense to look at a business owner’s policy depending on the size and assets of the business. We will examine the business owner’s policies in the next segment in greater detail.
Different Industries, Same Process
In every situation, a business owner, whether a medical professional, an accountant, an architect, or a steam cleaning service, should examine everything that is of value and put together your insurance quotes based on that information.
In addition to a licensed insurance professional, don’t be afraid to seek guidance and input from your banker, your accountant, your trade association, and others who have an understanding of your industry segment. You also must consider the revenue stream and how an interruption due to a loss would impact your business.
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