Home » Vic Di Criscio Suggests Insurance for Battle-Hardened Entrepreneurs to Safeguard their Businesses

Vic Di Criscio Suggests Insurance for Battle-Hardened Entrepreneurs to Safeguard their Businesses

Vic Di Criscio a startup always revolves around risks, and also a single error can cause a significant level of harm. In light of this, small business needs insurance. Depending on the operations of your business, you can select from the different types of business insurance. 

Commercial General Liability Insurance 

This type of insurance protects your business from any claims as a result of injuries and accidents. It can include slander, body injuries, and property damages. It will also cover the cost of the defense in a lawsuit. 

Product Liability Insurance 

Vic Di Criscio advises this insurance type if you are into manufacturing or distributing a product and continuously work with retailers and wholesalers. It will cover your company from the loss created through a product defect that causes damages.

Professional Liability Insurance

Also known as omissions and error insurance, it offers business protection if involved in any malpractice, mistakes, and negligence in delivering the customers’ offerings.

Commercial Property Insurance 

It covers damages to business properties via events, including wind, fire, storms, crime, vandalism, civil disobedience, and so on. Business property includes tangible items, such as tools, equipment, buildings, essential files, and the financial expense of a business interruption. 

Vic Di Criscio: An Advocate for the Personal Umbrella Insurance 

This is an all-purpose policy that offers extra protection to the business owner in many conditions. It is also inexpensive and works best for startups.

Employment Practices Liability Insurance 

If a current or a former employee sues your company, this insurance will pay the defense costs. It is possible your employees can sue the company against wrongful termination, harassment, discrimination, wage claims, and so on. Therefore, this insurance will cover you from such unpredicted issues.

Cyber Liability 

Many companies are suffering from high losses due to data breach problems. Opting for this liability insurance can cover the business from any losses where sensitive data gets stolen. The exposed data includes business data, customer and employee data, and product and service offering related information.

Workers’ Compensation Insurance 

Most companies prefer workers’ compensation insurance as it covers the costs of a job-related employee injury.  

Unemployment Insurance 

The insurance program permits the employees to collect unemployment if they decide to stop working for your firm. 

Homeowners Insurance 

If you have a home-based business, you can opt for this type of insurance. 

Life Insurance 

Life insurance is one of the optional insurances you can opt for if you or any business partners die. It also works in a way that if a co-founder dies by offering the company capital.

Commercial Auto Insurance 

If your business includes any transportation and business vehicles, you need to opt for commercial auto insurance. It protects the company from any physical damage and injuries due to accidents involving the company vehicles.

Directors and Officers Insurance 

It is a type of liability insurance. It intends to pay for the company’s officers’ legal defense against claims, including the harm caused to the company by their actions.

Becoming incorporated does not mean you are safe from the market risks. Some business risks are unforeseen and also unavoidable; therefore, choosing insurance keeps you safe and leaves you gaining leverage in the market space.