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Do I Need Business Insurance?

Updated 02:14 PM EST, Tue April 2, 2019

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What to Know About Your Small Business

Chances are you’ve put a lot of time, energy, effort, and investment in your small business. If you’re looking to get a small business insurance policy, you’re likely considering protecting your company. That’s a good thing. To know what types of insurance you need and if your insurance policy provides enough coverage, you’ll have to consider:
  • The type of business you have
  • The number of employees working at your business
  • The ownership and structure of the business
  • Gross annual sales
It’s important for you to gather the right documentation and information ahead of time so you can get the correct coverage for your business. Every small business is different and faces unique risks. So there’s not a one-size-fits-all approach with small business insurance.
For example, let’s say you decided not to get commercial property insurance coverage because you’re renting the office space for your business. A fire breaks out in the building and causes significant damage to your business property and equipment. A commercial property insurance policy could help cover the repair or replacement costs of those items. Without it, you’ll have to pay for the costs out of pocket.

The Right Insurance Coverage for Your Small Business

There are a variety of small business insurance products that help protect you and your business from different risks. Most small businesses purchase the essential coverages:
  • Commercial property insurance helps cover the costs if your business property is damaged by a covered incident, such as a fire.
  • General liability insurance helps protect your business from the costs of third-party bodily injury, property damage, or advertising injury claims.
  • Business income insurance helps replace your business’s lost income if you can’t operate due to a covered loss.
  • Commercial auto insurance helps cover the costs if you or an employee is involved in an auto accident while driving for business.
  • Professional liability insurance, also known as errors and omissions insurance, helps cover costs your business could incur if a customer makes a claim for damages because of professional services that your business provided.
You can also consider a Business Owner’s Policy, which is also known as a BOP. It combines commercial property, general liability, and business income insurance into one convenient policy. You won’t have to make separate premium payments for three insurance coverages. Instead, you’ll make one payment for all three coverages with a BOP.

Add-on Small Business Insurance Coverages

In addition to the essential insurance coverages, you can also add on optional coverages to further protect your small business. For example, adding data breach coverage to your small business insurance policy can help cover cyber liability costs, as well as your expenses to respond to the data breach. Adding workers’ compensation insurance coverage helps protect your employee if they’re injured or sick from a work-related cause.
Different states have respective regulations on the insurance coverages small business owners have to carry. For example, most states require small business owners with employees to carry workers’ compensation insurance. The regulations may specify a minimum number of employees that would require a business owner to carry workers’ compensation insurance. Make sure you know what your state requires.

Get an Insurance Quote Today From The Hartford

Small business insurance can help protect you, your company, and your employees. We’ve been helping protect small businesses for over 200 years. In fact, over 1 million small business owners in the U.S. trust us to protect their companies. Our team is here to help you find the best coverage for your small business. We understand every business is different. We’ll work with you to understand what your business needs are. And if the unexpected happens, our specialists can help you through the claims process. Our goal is to get your business back up and running as quickly as possible.
Find out what small business insurance you may need to protect your company, get a quote today. It’s fast and easy. Or if you’d prefer to speak to one of our insurance specialists, please call 855-829-1683.

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.