What Type of Insurance Should I Have for My Small Business?

As a small business owner, there are plenty of things to think about; one of them being insurance. A question that many business owners ask themselves is “what type of insurance should I have for my (small) business?”. The answer to that is a bit complex, but we found an easy-to-read article from “Forbes” that lists and explains some of the different types of insurance it might be wise to have including;

  1. General Liability Insurance

    • is a policy in which the business receives both defense and damages if you, your employees, or the products/services caused (or allegedly caused) Bodily Injury or Property Damage to a third-party. Even if you are a home-based business, you need liability insurance.
  2. Property Insurance

    • is a great idea if you own your building or if the business has personal property, which could include; office equipment, computers, inventory or tools. They need to be protected in the case of  a fire, vandalism, theft, smoke damage etc.
  3. Business Owner’s Policy (BOP)

    • would include all required coverage a business owner would need. More times than none a BOP will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance.
  4. Commercial Auto Insurance

    • is only needed if you have a company vehicle. This insurance will protect vehicles that carry employees, products, or equipment. The vehicles themselves will be insured from damage and collisions. If the company doesn’t have vehicles, but the employees drive their own cars (for company business), then you should have Non-Owned Auto Liability.
  5. Worker’s Compensation

    • provides insurance to employees that are injured on the job. It provides wage replacement and benefits (medical) to those injured while working. This also provides protection to the employer because the employee then gives up his right to sue.
  6. Professional Liability Insurance

    • is also known as “Errors and Omissions Insurance”. It provides defense and damages for failure to or improperly rendering professional services.
  7. Directors and Officers Insurance

    • will protect the directors and officers of a company if they ever find themselves in a legal situation (if the action was a direct result of their actions on the job). The insurance can cover the costs or damages lost as a result of a lawsuit.
  8. Data Breach

    • is a great type of insurance for companies if they store non-public information about their employees or their clients. It will protect you against loss.
  9. Homeowner’s Insurance

    • can protect against damages to the home and items inside the home. It can also protect against accidents that happen at your home.
  10. Renter’s Insurance

    • is coverage that protects against damage to the physical property, contents of the property, and personal injury within the property.
  11. Life Insurance

    • will ensure that the insurer pays a certain amount of money to your beneficiary upon your death. Many say that it provides them with peace of mind. It allows you to know that your loved ones will not be burdened with financial problems at the time of your death.
  12. Personal Automobile Insurance

    • can provide you with dual function. It can protect your vehicle against physical damage resulting from a crash and it can protect you against bodily injury that also resulted from a crash.
  13. Personal Umbrella Insurance

    • can provide additional coverage on top of all the coverage you already have. It is generally used only when liabiltiy on other policies has been exhausted.

To read the full article titled “13 Types of Insurance a Small Business Owner Should Have”, CLICK HERE.

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