Most Common Commercial Insurance Coverage Your Business Should Have

As a small business owner, there are some basic insurance coverages that you need to have. This makes sure that you’re covered against the common risks that could lead to the failure of a business. There are small business insurance policies that are required for the full functioning of the company and we have highlighted some of them.

General Liability Insurance

Any business even if it is home-based needs to have general liability insurance. With this insurance, you’re protected against damages or injuries that may be incurred by a third party. You will be protecting yourself and the business against possible litigation.

Property Insurance

Property insurance will come in handy if you have a business premise. You should also consider taking it if you own property like office furniture, computers, tools, and inventory. It will protect you against smoke damages, vandalism, and fire. You could also include business interruption policy so that there is no interference with earnings when the business is not operational.

Business Owner’s Policy (BOP)

A BOP is like a collection of all the necessary insurance a business would need. Some of the coverage includes crime insurance, liability insurance, vehicle coverage, property insurance, and business interruption insurance. You can add or include the policies based on your company’s specific needs. Ideally, this kind of insurance plan is recommended for a business because the main coverages are all bundled into one.

Commercial Auto Insurance

This coverage is taken to protect the vehicles of the company. It is something worth considering especially if you have a fleet of vehicles. Commercial auto insurance provides protection against collisions and damages. You should have non-owned auto insurance if the employees of the company drive their own cars for business purposes.

Workers Compensation

This type of insurance is a necessity especially if the nature of the job comes with potential injury hazards. Workers compensation is meant to provide insurance for employees that are injured on the job. It includes wage replacement and medical benefits to the injured party. You might think you’re saving by not providing workers compensation but the business could be in financial trouble if it is to be sued for personal injury.

Data Breach

If your company stores sensitive information about your employees or clients, such as purchase information or phone numbers for store cards, you need to be protected against data breaches. This means additional tech and security for your business, as well as increased assurance that your assets are safe and protected in the event of the unthinkable.

Professional Liability Insurance

It is also referred to as Errors and Omissions Insurance and is meant to provide a defense if the business fails to properly administer the professional services. This protection is not available in the general liability insurance so it only makes sense to take it to provide an extra layer of protection. The policy is applicable to just about any profession that renders services.

Starting a business of your own and need help protecting your valuable assets? Check out the full list of commercial and small business insurance options from Hightower Risk at https://www.hightowerrisk.com/.

Hightower Risk is a premier online provider of commercial insurance for small and mid sized companies throughout the United States. To learn more about our services, call 800-207-2150.

 

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