Small Business Insurance
Small business insurance protects your company from damage to your property and loss of income and defends you against liability claims. A dependable commercial policy safeguards your business from covered perils and financial losses you can’t foresee. A qualified business insurance provider can work with you to find the most appropriate business policies for your unique industry and situation.
What Is Small Business Insurance?
A standard Business Owner’s Policy includes business property coverage, business interruption and general liability. You can purchase coverages beyond your BOP to customize your policy to suit your specific business operation and meet your state’s legal requirements.
For instance, if your business has employees, federal law requires you to have workers’ compensation insurance. Many state laws also mandate that businesses purchase professional, commercial auto, and liquor liability insurance.
What Are the Types of Commercial Insurance Policies?
The three primary types of BOPs, general liability, business property and business interruption coverages, cover the most common type of damage claims:
- General liability insurance
- Commercial property insurance
- Business interruption coverage
General liability insurance, or commercial general liability, may pay for injuries sustained by a visitor or customer on your property and for legal costs if you are faced with litigation. Similarly, commercial property coverage protects your commercial building and its contents against covered perils, such as fire, lightning and theft. For instance, if your policy covers lightning damage, your BOP may pay for repairs to both the building and replacements for the building’s contents.
Along the same lines, business interruption coverage helps replace lost income or additional expenses if your business experiences a covered peril. Depending upon your industry and particular circumstances, you may need to augment your standard BOP with targeted policies. Other coverages available for business owners include:
- Commercial auto insurance
- Equipment breakdown coverage
- Outdoor property coverage
- Data compromise coverage
- Employment practices liability coverage