WEDNESDAY, FEBRUARY 17, 2021
Despite their size, small businesses face a lot of the same risks as big companies. Insurance can help you protect your small business from heavy financial loss, but not all policies are created equal. It is important to find the right policy geared for your small business.
Two of the most common and important coverages include:
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General Liability: General liability insurance covers claims of bodily injury, property damage and personal and advertising injury filed against your business. For example, if someone is injured in your store, general liability insurance may cover their medical bills as well as protect your business from a lawsuit.
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Commercial Property Insurance: Commercial property insurance covers the physical assets of your business, such as a store or a warehouse, in case of loss or damage caused by fire, wind, hail, lightning, smoke, explosions, theft, vandalism and more.
These are often included in a business owners policy, which is a commercial policy geared specifically for small businesses in low risk industries. These are flexible policies that allow you to cover different areas of your business.
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Umbrella Liability: Umbrella liability insurance fills in the gaps left by the business’ other liability insurance policies.
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Commercial Auto Insurance: Commercial auto insurance covers vehicles owned or used by a business for work purposes. Full coverage commercial auto insurance policies may include comprehensive coverage, collision coverage, liability, medical payments coverage, uninsured/underinsured motorist coverage and more.
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Workers Compensation: Workers compensation covers employees who are injured on the job. This insurance may cover medical bills, wage replacement, disability benefits and more.
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Cyber Liability: Cyber liability insurance covers claims against the business concerning electronically stored information that is damaged, lost or breached. This covers cyber-attacks, information loss and expenses related to recovering data.
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Directors and Officers Insurance: Directors and officers insurance (D&O insurance) is designed to cover your key employees from claims about their actions while working for your business. This may include accusations concerning employment practices such as discrimination, wrongful firing or hiring, sexual harassment and more.
Speak with an insurance agent and compare quotes in order to discover the business insurance policy tailored to protect your business.
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