3 Types of Business-Tailored Insurance Products You Probably Didn’t Know Exist

If you’ve worked so hard to establish your financial stability, you’ll want to make sure it’s protected in case something goes wrong. Unfortunately, accidents can occur at any moment, and there is little you can do to prevent them. Most of the time, these mishaps result in financial losses, putting a strain on your daily life. This is where insurance comes in. 

The first types of products that come to mind when it comes to insurance are the ones that cover life, health, properties, cars, and general business liability. However, there are some lesser-known insurance products that can end up saving your business in situations where general business liability insurance fails to protect you. 

These are the products we are going to discuss today, so continue reading to find out more. 

business insurance

Bobtail insurance

If you work in the trucking sector, you are most likely aware that you require trucking insurance. If you and your load are engaged in an accident, this form of insurance protects you and your load from liability. But what if you cause an accident while driving the truck without a trailer?

Bobtail insurance is required if you wish to be protected in the event of an accident while driving a truck without a trailer. This is a liability-only policy that protects you from financial damages if you drive a truck under someone else’s authorization and without cargo. If you are worrying about bobtail insurance cost, you will be pleased to know prices sit at around $360 yearly for $1 million in coverage, which is quite a good deal. 

Cyber insurance

With so much going on online these days, it’s only natural that individuals and companies seek ways to protect themselves against cyberattacks. If a company falls victim to a cyberattack, it may wind up costing them far more than they can afford, not to mention the potential for litigation.

If you believe your company cannot be the target of a cyberattack, you are mistaken. No business is entirely safe from being the target of cybercriminals. Start-ups and small to medium businesses are the primary targets of minor assaults, but big-scale data breaches are more likely to occur in major corporations.

Businesses can have access to liability coverage in the event of a possible breach and avoid the high expenses associated with the aftermath by acquiring cyber insurance. Cyber insurance won’t be cheap, but when you realize that hacks may cost a company over $2 million, a few thousand dollars a year seems like a fair price.

Key person insurance

Business insurance only covers liability, damage, and other objective elements that might threaten your company’s safety. But what if you lose someone who is critical to the success of your company?

Key person insurance comes into play in this situation. This sort of insurance is simply life insurance on someone who is critical to your company’s operations. If the individual dies unexpectedly, the firm will be compensated to help mitigate any financial losses. Key person insurance is intended to keep companies on track financially while looking for a replacement for a key employee. And in the case where the said business can’t continue without the key person, the insurance money can be used to close down the business appropriately.