What insurance do you need for your small business?

If you are running a small business, you need insurance. There are different types of coverage available and the exact coverage you need will depend on your industry and the exact circumstances.

However, there are some insurance policies that are vital for every type of small business. Here are some of the more common types of insurance policies that small businesses might need.

General liability insurance

If someone makes a claim against your business because they suffered a bodily injury while on your premises, such as slipping into a store, liability insurance will protect you and help you pay for it. things like medical bills. General liability insurance also covers material damage.

Additionally, if your business sells products, you should purchase general liability insurance that includes product liability insurance to help protect your business against property damage or injury caused by the products you sell.

Professional liability insurance

Professional liability insurance protects your business against claims related to errors in your professional services.

For example, if a customer had to pay a penalty because of an accounting error made by your business, the person could sue your business.

By purchasing professional liability insurance, legal costs for such lawsuits will be covered.

Cyber ​​liability insurance

In today’s world, most businesses, large and small, have some kind of digital infrastructure. While the digital world has made operations more efficient and productive in many ways, the downside is that your business can potentially fall victim to cybercrime.

Therefore, you should consider purchasing a business insurance policy known as cyber liability insurance. It can cover your business in the event of a data breach, theft, or loss of customer data.

Commercial Property Insurance

Whether you own or rent a building, you must purchase commercial home insurance. It covers the building and building equipment if a thief breaks in and steals items.

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 businesses to have workers’ compensation insurance. It provides employees with benefits to cover things like medical care if they experience work-related injuries or illnesses.

Liability insurance related to employment practices

Also known as employer liability insurance, employment practices liability insurance helps protect your small business against employment-related claims. This includes allegations such as sexual harassment, discrimination and unfair dismissal.

Business income coverage

When your small business cannot operate due to property damage, you can help replace your lost income when you have business income coverage.

Also known as business interruption insurance, coverage protects your loss of income when your property has been damaged by things like a fire, storm, or theft.

Business Owner Policy

If you are considering purchasing business income insurance in addition to general liability insurance and commercial property insurance, you should opt for the umbrella business owner’s policy, which covers all three types of business insurance policies. ‘assurance.

Commercial auto insurance

If you or an employee are involved in an accident causing injury or property damage while operating a company vehicle, the damage may be paid for if you have purchased commercial auto insurance.

This means that you or the employee can get 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 duties, your loss of income may be covered when you have an individual accident insurance policy.

As a small business owner, it makes sense to have individual accident insurance for the unexpected.

Source link

Comments are closed.