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What Is Small Business Insurance?
Updated 11:38 AM EST, Tue December 8, 2020
What Is Small Business Insurance and What Does it Cover?
- Property
- Employees
- Operations
With our Business Owner’s Policy (BOP), you can bundle multiple coverages into one, including:
- General liability insurance
- Business income insurance
- Commercial property insurance
What Insurance Do You Need for a Small Business?
Buying a BOP policy is not only convenient, but can also help you save money. In addition to your general liability, business income and commercial property coverages, small business owners often add other types of business insurance to BOP policies, like:
- Data breach coverage
- Professional liability insurance
- Commercial auto insurance
General Liability Insurance
General liability insurance helps protect your business from liability claims resulting in:
- Property damage: If your business accidently damages another person’s property, this policy can help cover the cost of the claim.
- Bodily injury: If customers hurt themselves while visiting your office, general liability can help pay for their medical expenses up to your coverage limits. If their injury exceeds your limit, you may have to pay the remaining amount.
- Defamation or libel: If something you say hurts the reputation of another person or business, you can get sued.
Business Income Insurance
Business income insurance, also known as business interruption insurance, can help replace lost income if you can’t operate temporarily because of a business property loss.
Commercial Property Insurance
Commercial property insurance helps protect your business and its physical assets if a fire, theft or other covered loss damage or destroy it. This property coverage is essential for most small businesses.
Additional Coverages for Small Businesses
Some other types of insurance you may want to get to help protect your small business from financial loss include:
- Data breach insurance to help pay the expenses your business may face while recovering from a data breach. This includes costs to notify customers.
- Professional liability insurance, also known as errors and omissions insurance, to help protect your business from claims alleging errors in your professional services.
- Workers' compensation insurance to provide benefits to employees that get injured or ill at work. This coverage helps pay for medical costs and missed wages.
- Commercial umbrella insurance to help extend the limits for certain liability policies.
- Commercial auto insurance to help cover the costs associated with a work-related auto accident.
To learn more about the coverages you need to protect your business from financial loss, get a quote today.
We Support All Types of Small Businesses
Common Questions About Small Business Insurance
Are Small Businesses Required to Have Insurance?
If you have employees, you’ll need workers’ compensation insurance. Most states also require:
- Commercial auto insurance
- Professional liability insurance
- Liquor liability insurance
What Does Small Business Insurance Cost?
Depending on the type of business you run, certain factors determine the cost of your small business insurance, including your company’s:
- Size
- Age
- Condition
- Industry risk
Do I Really Need Business Insurance?
Every state has different rules and regulations, but no matter what you’re required to have, small business insurance can help protect the company you’ve worked so hard to build. Without it, you’ll have to pay out of pocket for claims.
This insurance is important for all types of small businesses. To learn more, get a quote from us today.