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Types of Small Business Insurance

Updated 07:51 AM EST, Tue May 14, 2019

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Types of Small Business Insurance Coverage

You’ve invested a lot in your small business. So it’s important to protect it, too. Small business insurance helps protect your company from different types of liabilities. It may help cover a business’ property and income against different losses.
 
Our small business insurance coverage is something you can trust. We’ve been protecting businesses for over 200 years. We work with people to assess risks small businesses may face to help them find the right coverage. We’ll help you decide which types of business insurance can help address your business’s needs. Start protecting your business – get a quote today.
 

Business Owner’s Policy Small Business Insurance Coverage

A Business Owner’s Policy combines three insurance coverages into one convenient policy: business property, general liability and business income insurance. A business owner’s policy, which is also known as a BOP, packages the required coverages a business owner may need. You may save money by choosing a BOP because bundling coverages often costs less than the total cost of individual insurance policies.
 
Every business has its own unique needs. We understand that. We give you the ability to add on additional insurance coverages to your BOP – creating a truly custom business insurance policy.
 

The Essentials of Small Business Insurance Coverage

Every business is different. Despite the unique needs from business to business, most companies have the minimum essential insurance coverages. These include:
 
  • General liability insurance
  • Business property insurance
  • Workers’ compensation insurance
  • Business Owner’s Policy

Business Property Insurance Coverage

Business property insurance coverage can help protect the physical location of your business. Whether you own or lease the building, business property insurance can help protect the property and your business’s inventory from covered losses. This insurance coverage is included in a business owner’s policy.
 
Let’s say you’re renting out an office space in a building. A fire breaks out in your office and it damages half of your business’s inventory. Business property insurance can help cover the cost of repairs and replacing the damaged inventory.
 
In addition to fire damage, business property insurance can also help protect your business from weather damage and theft or vandalism.
 
For example, say you discover someone broke into your business overnight. In addition to stealing expensive equipment, you realize they also damaged your business’s furniture. Your business property insurance coverage can help cover the cost to repair or replace the damaged furniture. It can also help cover the costs of buying new equipment to replace the stolen ones.
 
The Hartford can customize the coverage your business receives by adding individualized coverage options to your policy. This allows small business owners to get the appropriate coverage that is tailored to their business.
 

General Liability Insurance Coverage

General liability insurance covers claims of bodily injury, property damage and personal or advertising damages made against your business. Small business liability insurance coverage can help protect your business from claims for:
 
  • Medical payments due to slip and fall accidents
  • Damaged customer property
  • Slander lawsuits
General liability coverage from The Hartford provides some of the broadest business insurance coverage available. This insurance coverage is included in a business owner’s policy.
 
It’s important to remember general liability insurance coverage doesn’t cover claims made about damages directly arising from the professional services provided. These claims could be covered by Variables.link_text.
 

Business Income Insurance Coverage

The Hartford’s business income insurance coverage may replace lost income when you’re unable to conduct business because of a covered loss. This coverage is also known as business interruption insurance. By helping to replace lost income, you can continue paying expenses, like payroll, while your property is being fixed.
 
For example, let’s say your business is hit by lightning, which causes a fire. While the space is being repaired, your business can’t operate. Business income insurance can help replace the income that you lose and help you pay your business expenses.
 
Business income insurance is already included in a business owner’s policy from The Hartford. You can also add endorsements to your existing business owner’s policy to meet your business’s specific needs.
 

Additional Types of Small Business Insurance Coverage

Workers’ Compensation Insurance Coverage

The Hartford’s workers’ compensation insurance provides benefits to employees for work-related injuries or illnesses. This insurance coverage can help cover the costs of medical care, replacing partial wages from lost work time and more.
 
Here are a few examples of how workers’ comp insurance can help protect your employees:
 
  • An employee slips and falls on ice while walking up the stairs outside of the building.
  • An employee is injured in a car accident while delivering a product to a customer.
  • An employee hurts her shoulder after repeatedly lifting heavy boxes off the floor.
With workers’ compensation insurance, The Hartford may help pay for the medical expenses needed to treat these job-related injuries and illnesses. If these employees had to miss work to recover, workers’ comp insurance can also help replace their lost wages. In addition, it can also help give employees access to transitional work and find training for them to learn new skills.
 
States have their own workers’ compensation regulations. And most states require business owners to carry workers’ comp insurance. It’s important to know what your state requires when it comes to workers’ compensation insurance.
 

Commercial Auto Insurance Coverage

Commercial auto insurance helps businesses cover financial costs from an auto accident if the business or your employee is found at fault. This insurance coverage helps pay for the damaged property and medical expenses resulting from the accident – even in the event of a fatality.
 
Let’s say your employee is driving the company truck to make a delivery. While he’s driving, he hits a pedestrian crossing the street. The pedestrian is taken to the hospital for injuries. Commercial auto insurance can help cover the pedestrian’s medical expenses and bills.
 
Commercial auto insurance can also help protect you as the business owner. Say you’re driving to meet with a prospective client. You swerve off the road and end up driving into someone’s mailbox. This insurance coverage can help cover the costs of replacing the person’s damaged mailbox. Without commercial auto insurance, you may have to pay for a new mailbox out of pocket.
 
Consider a commercial auto insurance policy if your business:
 
  • Owns, leases or rents vehicles. This includes cars and trucks.
  • Has employees who drive their own vehicles to conduct business.
  • Has employees who operate company vehicles that are leased, rented or owned.

How Much Does Small Business Insurance Cost?

The cost of small business insurance depends on a number of factors. This can include the industry, type of insurance coverages, the deductible and limits you select for coverage.
 
To find out how much it’ll cost to cover your business, get a small business insurance quote today. It’s fast and easy. You can customize your insurance policy to make sure it’s addressing your company’s needs.
 

Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.
 
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.