What insurance does my small business need?
When growing your business, it is vital to protect your assets. Most businesses will benefit from purchasing the following types of policies.
General Liability – This type of policy protects your business if it is sued. Your liability insurance pays damages for which you are found liable, up to the policy limits, as well as attorneys' fees and other legal defense expenses. It also pays the medical bills of any people injured by your business.
Property - Property insurance compensates you if business property is lost or damaged as the result of various types of common “perils” such as fire or theft. This covers the building or structure and personal property, meaning office furnishings, inventory, raw materials, machinery, computers, and other items vital to your business operations. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate after a catastrophic loss.
Commercial Auto - Many personal auto insurance policies exclude coverage if the vehicle involved in an accident is used mainly for business. A business auto policy provides coverage for autos owned by a business. The insurance pays any costs to third parties resulting from bodily injury or property damage for which your business is legally liable, up to the policy limits. Depending on what kind of coverage you buy, the insurance may pay to repair or replace your vehicle because of damage resulting from accidents, theft, flooding, and other events.
Workers Compensation – Pays for medical care and replaces a portion of lost wages for an employee who is injured during employment, regardless of who was at fault for the injury.
Professional Liability - This policy provides defense and damages for failure to or improperly rendering professional services. Professional liability insurance is appropriate for any professional firm including lawyers, accountants, consultants, real estate agents, hair salons and technology providers to name a few.
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