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As a small business owner, it’s essential that you do what you can do protect your company. No matter what industry you operate in, there are some types of coverage that you should consider having. Insurance is like a safety net. Hopefully, you will never need to resort to insurance coverage, but sometimes accidents are inevitable. When accidents do happen, they can be extremely costly. But, having insurance can help you financially when things go wrong. Here are some types of coverage that you should consider for your business:
General Liability
The purpose of general liability coverage is to help protect your small business if you face claims involving negligence, bodily injury, or property damage. If your business sells a product that injures a customer, general liability is there to help protect you. Or, if a customer slips and falls in your store, general liability comes in handy. General liability coverage is one of the most basic and most essential types of coverage out there. Be sure to talk to your agent about getting the right coverage for your small business.
Commercial Property Insurance
If your business has any sort of property, you should consider property insurance. It helps cover the building itself, inventory, equipment, and more. If something happens to the building and you lose inventory, it can be devastating. The cost to replace inventory and the cost of repairing the building could be massive. To help protect your business financially, think about getting property insurance.
Commercial Auto Insurance
Just like your personal auto insurance coverage, commercial auto insurance helps protect your company’s vehicles. Accidents are not always preventable. If an accident does occur, you’ll need to be prepared. Commercial auto insurance helps to protect the cars, or trucks, that yoru company has. It can also help protect your employees, and others on the road. Typically, a commercial auto insurance package includes:
- Liability
- Medical
- Collision
- Comprehensive
However, speak to your agent about auto coverage. They can adjust your policy to meet the needs of your business while complying with your state’s regulations.
Workers Compensation
Often referred to simply as “workers comp” this type of coverage is for your employees. It helps protect them in case they get sick or injured on the job. It’s there to cover medical expenses, lawsuits, and lost wages. Most states require business owners to have workers comp coverage for their employees.
Excess Liability
This coverage is sometimes known as umbrella insurance. It’s an extension of your already existing policies. It can add additional coverage if your current limits are not enough. It’s that extra safety net and peace of mind for when the unexpected happens.
Cyber Insurance
Most businesses have some online or digital presence. In today’s work environment, a lot of sensitive information is housed digitally. Having a data breach or sensitive information stolen is devastating. It is costly and there’s huge potential for lawsuits. First, it is important to take measures to prevent a cyber-attack. But, it is also a good idea to get cyber insurance, just in case.
Talk to your insurance agent about the right coverage for your small business. Also, be sure to ask about a BOP, or business owners policy. This usually includes a few different coverages and it is sometimes cheaper than purchasing each policy individually. Help keep your business safe with business insurance.
