3 Uncommon But Must-Know Types of Business Insurance

​You may hate to admit, but insurance is a necessity to your business no matter how costly or complicated it is to comprehend. You can never know when an accident or chaos can strike your business as to why insurance is significant, but there are a lot of things to know more than liabilities and benefits. Little did you know, there are obscure business insurance types that are beneficial for your business, especially for small and budding ones, which are the following:

1. Business Life Insurance
   Almost every business has at least one nearly irreplaceable person, like acting CFO, lead salesperson, or hiring manager all-in-one. For sure, you have an employee who has built up a farfetched supply of knowledge and expertise to you and your company, which is difficult to replace. It may be hard to admit, but if that person became impaired or died, your entire business might be at risk.
   
   Fortunately, business life insurance resolves this problem as it ensures your company’s resources if that key employee dies or becomes incapable. The insurer can either spend money to keep your business afloat, satisfy creditors and lenders, and find a replacement for that employee.
   
   
2. Income Stabilization Weather Insurance
   It is already familiar to most business owners like you that there are insurance policies that cover natural disasters precedents. However, some cases relevant to weather can adversely affect a company’s profits, like winter clothing line during summertime. If your company sells products for cold weather, then you might have to suffer when the temperature is unseasonably warm. Although businesses can’t afford the significant loss of income due to weather conditions, income stabilization insurance can lend you more excellent stability to your business’ cash flow, like providing more accurate forecasts.
   
   
3. Cyber Liability Insurance
   With the emergence of technology, businesses today are gradually influenced by the digital era due to its convenience and perks. However, this presence can result in significant liabilities in some matters, like leaking of information about your business’ clients. If this leaking issue reaches the public, you might receive cyber attacks that can eventually cripple your internal system and severely hinder productivity.

No matter what business type you have, having insurance is excellent protection against potential casualties and losses to your business. It may be expensive, but it will be hugely beneficial to the overall and long-lasting wellness of your company.

At Black And Associates Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (509) 464-0058 or Click Here to request a free quote.