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6 Insurance Policies a Small Business Owner Should Consider

Whether you are starting a new business, or you are an existing business entrepreneur, it is important to understand your business insurance needs. But what insurance coverage does your business need? The answer is it depends on the type of risk your business faces.


Shown below are 6 insurance policies frequently considered by small business owners.


1. Business Liability Insurance

Business liability insurance, also referred to as general liability insurance, is coverage that protects your business from third party claims. This policy usually includes bodily injury and property damage, personal injury, medical payments, and damages to premises rented to you.


2. Business Owner’s Policy

A business owner’s policy is often a combination of business liability and commercial property insurance.


3. Commercial Property Insurance

If you have business personal property (e.g., office equipment, computers, inventory, etc.) and buildings, you should consider this insurance. Commercial property insurance protects your company’s physical assets from fire, theft, burst pipes, vandalism, explosions, and storms.


4. Commercial Vehicle Insurance

Commercial vehicle insurance provides coverage for vehicles used for commercial purposes (e.g., cars, vans, trucks, trailers) including liability and physical damage.

If your employees drive their own cars, you should consider non-owned auto liability in case an employee does not have insurance or adequate coverage.


5. Professional Liability Insurance

Sometimes referred to as errors and omissions insurance. This insurance protects your business and employees against claims of failure to or improperly rendering professional services. Professional liability insurance often covers both court costs and any settlement up to a specified amount.


6. Workers Compensation Insurance

If you have employees, this policy provides benefits to employees for illness and injuries on the job. This will cover medical treatment, disability and death benefits in the event an employee is injured or dies as a result of his work with that business. It is required by almost every state.


Other

Other insurance you may consider includes:

· Business interruption insurance

· Directors and officer’s insurance

· Product liability insurance


You should consult an attorney and insurance broker about what insurance coverage your business needs.

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