The Different Types of Business Insurance Every Small Business Needs
Do you plan on running a small business?
The small-business sector went down in the past few years. Due to the Covid-19 pandemic, small businesses are struggling to remain profitable. Many small businesses have had to close down due to the massive decrease of customers.
Without the types of business insurance, your small business can close down overnight.
This article covers the different types of business insurance every small business needs. Keep reading to discover why it’s important for your business.
General Liability Insurance
One of the most important types of business insurance is general liability insurance.
This covers your business against lawsuits arising from injuries or damages. It can also provide coverage for advertising injuries such as libel or slander.
Product Liability Insurance
This type of insurance protects businesses from lawsuits that may arise from the products they sell. It can help cover the costs of legal fees, settlements, and judgments against the business.
Professional Liability Insurance
Professional liability insurance is a policy that provides professional services. With this, any claims of negligence or errors won’t occur during the course of the business.
Commercial Property Insurance
This is a type of insurance that covers the physical property of your business. For example, your office or retail space. It can also help protect your business in the event of damage or loss due to fire, theft, or other covered events.
Commercial Auto Insurance
Commercial auto insurance is best for any business that uses vehicles for business purposes. It covers any damage that may occur to the vehicles. Any injuries that may happen to the drivers or passengers are covered as well.
Data Breach Insurance
One type of insurance that is becoming important is data breach insurance. This type of insurance can help to protect a business if their customer data is breached.
It also covers the costs of notifications, credit monitoring, and identity theft resolution.
Employment Practices Liability Insurance
This insurance protects covers lawsuits alleging discriminatory practices, wrongful termination, and sexual harassment.
This is important for small businesses because it can help to cover the costs of legal defense and damages. It can also avoid the risk of facing litigation that could put your business out of operation.
Commercial Umbrella Insurance
There are many different types of business insurance that every small business needs in order to protect themselves from potential risks. One type of insurance that is important for small businesses to have is commercial umbrella insurance.
This type of insurance provides coverage for businesses in the event that they are sued for damages that exceed the limits of their other insurance policies. Commercial umbrella insurance can also help businesses to avoid financial ruin in the event of a lawsuit.
Workers’ Compensation Insurance
This type of insurance provides coverage for employees who are injured while working. It can help cover medical expenses and lost wages, as well as death benefits in the event of a fatal accident.
Read more here to familiarize yourself with business insurances and request a quote now!
Learn the Types of Business Insurance Today
As a small business owner, you need to make sure you are properly insured. Insurances can help protect your business whenever there are adversities.
That’s why it is important to avail insurances for your business. There are many different types of business insurance, and you should consult with an insurance agent to determine which ones you need.
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