One company manufactures basketballs. Another builds the gyms that house the games. These two companies have very different needs. From materials to marketing to management, the businesses vary greatly.
The same is true for their insurance needs. Not every industry faces the same risks. In some fields, liability risk is higher. In others, workers compensation is more important. While it’s vital that all companies carry insurance coverage, not every company needs the same policies. A few are common for most fields, but each business’s unique factors contribute to its individual insurance needs. Here’s a breakdown of the most common needs by industry:
Manufacturing: In manufacturing, liability is high for both consumer safety and worker safety. There are many moving parts, and they must all be covered properly. Manufacturers should focus on property, liability, commercial auto, workers compensation, product recall, equipment failure, and workplace injury insurance.
Office: Companies that are office-based must protect their assets and employees, too. With a big focus on Internet-based services or solutions, these companies have high needs for property, liability, commercial auto, workers compensation, and cybercrime insurance.
Education and nonprofits: Organizations that serve others still need insurance. Business owners in this field should focus on property, liability, commercial auto, workers compensation, counseling liability, and tuition and fees policies.
Home and building services: If you offer contractor services, it’s important to cover the basics of property, liability, commercial auto, and workers compensation insurance. You should also focus on insurance protection for tools and equipment and a policy that covers business crime.
Retail stores: Retailers are at high risk when it comes to property, liability, commercial auto, and workers compensation claims. Coverage in these areas is a must. Retail owners should also obtain coverage for income loss and crime. Business interruption insurance and protection against theft and fraud are essential.
Hospitality: Business professionals in this industry have a unique mix of insurance needs. To properly cover your own needs and those of guests, it’s important to obtain policies that provide business property insurance, business liability insurance, business personal property insurance, and workers compensation insurance.
Restaurants: Your setting poses risks of employee injury, guest injury, and food poisoning, as well as fire or other accidents that result in property damage. For proper protection, focus on restaurant property insurance, restaurant liability insurance, restaurant crime insurance, and workers compensation insurance.
Religious organizations: For your industry, it’s important not only to cover any property involved, but also the leaders. Religious organizations should obtain solid coverage in business property insurance, business liability insurance, business crime insurance, and pastoral professional liability insurance.
Real estate: If you’re in the business of selling real estate, you face specific risks. Ensure you’re covered by policies for business property insurance, business income insurance, and sale and disposal liability insurance.
As noted, each business is unique, even within a specific industry. Speak with your insurance provider to determine the exact needs of your company.