If you are running a small business, you need insurance. There are different types of coverage available and the exact insurance you need will depend on your industry and the exact circumstances.
However, some insurance policies are essential for every type of small business. Here are some of the most common types of insurance policies that small businesses may require.
General Liability Insurance
If someone sues your business because they sustained a bodily injury while on your premises, such as slipping into a store, general liability insurance will protect you and help you pay for things like medical expenses. General liability insurance covers property damage as well.
Also, if your business sells products, you should get general liability insurance that includes product liability insurance to help protect your business from property damage or injuries caused by the products you sell.
professional liability insurance
Professional liability insurance protects your business from claims for errors in your professional services.
For example, if a customer has to pay a fine because of an accounting error made by your business, the person can sue your company.
By having professional liability insurance, the legal costs of such lawsuits will be covered.
Electronic liability insurance
In today’s world, most companies, large and small, have some kind of digital infrastructure. While the digital world has enabled operations to become more efficient and productive in many ways, the drawback is that your company can be a victim of cybercrime.
Therefore, you should consider getting a business insurance policy known as electronic liability insurance. It can cover your business in the event things like data breaches and customer data being stolen or lost occur.
Commercial property insurance
Whether you own or rent a building, you should obtain commercial property insurance. Covers the building and equipment in the building in case a thief breaks in and steals things.
So, if laptops are stolen, for example, commercial property insurance can help cover the cost of replacement.
Workers Compensation Insurance
Most states in the United States require companies to have workers compensation insurance. It provides employees with benefits to cover things like medical treatment in the event they suffer work-related injuries or illnesses.
Employment Liability Insurance
Also known as employer liability insurance, employment practices liability insurance helps protect your small business from employment-related claims. This includes allegations such as sexual harassment, discrimination, and wrongful termination.
Business Income Cover
When your small business cannot operate due to property damage, you can help offset the loss of income when you have business income coverage.
Also known as business interruption insurance, coverage protects the loss of your income when your property is damaged by things like a fire, storm, or theft.
If you plan to get business income insurance in addition to general liability insurance and commercial property insurance, you should follow a comprehensive business owner policy, which covers all three types of insurance policies.
Commercial Car Insurance
In the event that you or an employee has an accident that causes injuries or property damage while driving a company vehicle, compensation can be paid when you have commercial vehicle insurance.
This means that you or the employee can receive financial compensation for things like repairing property and getting medical treatment.
Personal Accident Insurance
If you sustain an injury or illness that prevents you from performing your usual work duties, your loss of income can be covered when you have a personal accident insurance policy.
As a small business owner, it makes sense to have personal accident insurance in case the unexpected happens.
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