What Kind of Insurance Should a Small Business Have?
Business owners can choose from a wide variety of insurance policies. Insuring against the gamut of potential mishaps that might arise in the course of business is a smart move. We understand how challenging it may be to go through all the options when it comes to commercial insurance.
General Liability Insurance (GLI)
Protect your company from lawsuits made by victims of accidents or injuries by purchasing general liability insurance.
- Injury to someone else
- Injury to another’s property
- Libel, slander, and other forms of personal damage
Commercial Property Insurance
With commercial property insurance, you can rest easy knowing that your office structure and the tools you need to conduct your business are covered in the event of damage or destruction. Keep in mind that natural disasters like earthquakes and floods are not covered by this policy. You’ll need commercial flood insurance to safeguard your firm from these claims.
Business Income Coverage
If your company is unable to operate as a result of insured property damage, business income coverage, often known as business interruption insurance, can help make up the difference. This covers losses incurred as a result of natural disasters, criminal activity, or carelessness.
Commercial Auto Insurance
If you or an employee are involved in an accident while operating a corporate vehicle for business purposes, commercial auto insurance can assist pay for related medical expenses and other costs. Therefore, this insurance can assist cover costs if a worker loses control of a delivery vehicle and crashes into a mailbox.
Business interruption insurance.
In the case of a disaster or other catastrophic occurrence, company activities may be temporarily halted. Since your employees won’t be able to come into the office, produce goods, or make sales calls, your company’s bottom line will take a hit. Companies that rely on a physical location, like retailers, might benefit greatly from this kind of insurance.
Workers’ compensation insurance.
Once a company hires its first worker, they should look into getting workers’ comp insurance. If an employee is hurt or dies as a result of his or her job for the company, this will pay for their medical care, disability, and death benefits. Slip-and-fall injuries or medical issues like carpal tunnel syndrome might result in an expensive claim even if they are performing relatively low-risk jobs.
Commercial Umbrella Insurance
Some of your liability plans’ limitations can be increased by purchasing commercial umbrella insurance. You can use your umbrella policy to assist pay for damages that exceed your primary coverage’s limitations.
Fidelity Guarantee Insurance
You and your company will be safeguarded against financial harm caused by dishonest personnel while they are on the clock. Therefore, a fidelity insurance policy will safeguard your company against the financial losses that might occur from employee dishonesty, theft, or fraud.
Electronic Equipment Insurance
This will safeguard your company in the event of theft or damage to its technological equipment. This covers the price of fixing or replacing the broken piece of equipment, the price of replacing any lost or damaged data, and the price of additional time away from work.