Small Business Insurance: What Do You Need?

Wednesday, April 11, 2018

As a small business owner, you know there is certain insurance that the law requires, but after that you need to know what kind of insurance coverage you need for your type of business. That usually refer to insuring against things you would not want to be liable for on your own.


Your best first step is to see your independent insurance agent and get the expert advice you need. For a basic understanding of what’s out there, here are several kinds of business insurance that are used often by small business owners and entrepreneurs.

General liability insurance is needed for any business. It covers you against financial loss resulting from property damage, bodily injury, libel, medical expenses, slander, defending lawsuits, and judgments or settlement bonds.

Product liability insurance is for businesses that manufacture, wholesale, distribute, and retail a product. If a product is defective or causes injury or bodily harm, you are protected against financial loss.

Professional liability insurance refers to a business which provides services to customers. If you have a financial loss resulting from negligence, malpractice, or errors, you are protected.

Commercial property insurance is needed for a business with a large amount of property and physical assets. You are protected against loss and damage of company property if there is a fire, damage from smoke, wind and hail, civil unrest and vandalism.

Home-based business insurance is needed if you run a business out of your home.

You can add coverage to your homeowner’s insurance as a rider which affords some coverage for business equipment and liability coverage for third-party injuries.

Business owner’s policy is a good insurance package combines your coverage options into a bundle, sometimes referred to as BOP. Small business owners and especially home-based business owners benefit from this type of coverage. It simplifies the insurance buying process and often saves you money.


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