Understanding the types of small business insurance policies can help you make an informed choice when it comes to choosing the right type for you. Since most business owners are not aware of the types of coverage available, we have put together this informative guide to help you.
8 Small Business Insurance Policies You Should Know About
1. General Liability
Business insurance brokers usually recommend general liability coverage to protect your company against potential damages. It covers bodily injury involving a third-party liability claim and property damage providing coverage for damaging a client’s property in the course of business.
2. Commercial Property Insurance
It is essential to make sure the building that houses your company and everything inside it is insured against potential loss. This policy helps to cover the repair or replacement costs of equipment, computers, inventory, furniture, and more if you suffer a covered loss. It may also include things outside your building, such as fencing and signs.
3. Commercial Auto Insurance
This insurance coverage helps in case you meet with an accident when transporting equipment or products for your business. If the vehicle is registered in the name of your company and is used for a variety of business purposes, you should consider purchasing commercial auto insurance.
4. Business Interruption Insurance
It is essential to consider the potential threats your business may face and take steps to help reduce the consequences of a loss. This coverage is an ideal choice to keep your business afloat in case you suffer a significant loss. It can help provide financial assistance to cover your payroll, bills, and other routine expenses.
5. Product Liability Insurance
This coverage is crucial for small businesses that sell products. If your business is found responsible for a problem with any of the products you offer, you could end up with an expensive lawsuit. Having product liability insurance is an effective way to protect you from such legal expenses.
6. Professional Liability Insurance
If you provide a professional or creative service, it helps to have professional liability insurance. It is also known as errors and omissions insurance or malpractice insurance. This coverage is the perfect choice to protect your business if a client files a lawsuit claiming a financial loss due to an error in your service.
7. Equipment Breakdown Insurance
Every company has machines that help to run the business. This small business insurance policy helps to cover replacement or repair expenses when your equipment breaks down abruptly.
8. Cyber Risk Coverage
It helps to know that data is a crucial asset to a company. Most owners of small businesses often fail to realize the importance of safeguarding their digitized data. Having a cyber risk policy helps to protect your business details against potential security breaches.
Get an Accurate Business Insurance Quote with Us
Orr & Associates is a leading brokerage with expert business insurance brokers to guide clients with varied needs. We have the experience and expertise to understand your requirements and come up with suitable solutions. We offer reliable and straightforward services on time and budget.
If you are a business owner looking for advice on getting your company insured, we can help you choose the right small business insurance policy that meets your needs. For more details, please call us at 905-833-6691 or toll-free 1-866-521-5926.