What Types of Insurance Does Your Small Business Need?

Whether you’re just starting out or your small business has been up and running for years, you need a business insurance quote, and not just for one type of insurance. There are a variety of insurance policies that can help cover your business if things go wrong. Here are several types of insurance that can be beneficial to your small business.

Property Insurance

A property insurance policy can cover your building and the business items in it including computers, equipment and inventory from various threats. These threats range from vandals to fire, burglars and smoke. You can also buy insurance that will replace earnings if your business must shut down due to these issues.

Liability Insurance

There are two types of liability insurance that your company needs. The first you should get a small business insurance quote for is general. This will cover any property or bodily damages that your services, products or employees cause to a customer or vendor. You’ll likely need this insurance whether you work from an outside or home office.

The other liability insurance that you’ll need is professional. Unlike general liability, professional will cover any damages caused by not doing your job correctly. Business people who might need this insurance are accountants, notaries, insurance agents, hair stylists, lawyers and other professionals who work with the public.

Worker’s Compensation Insurance

To cover injuries to employees on the job, you’ll need a business insurance quote for worker’s compensation. This insurance is beneficial to businesses because it provides wages and medical insurance to those hurt at work in exchange for them not suing the company. This is a big deal for small businesses who might not be able to afford to pay damages due to a court hearing. It can be the difference between going under and staying in business. Every state requires you to carry worker’s compensation for all your W2 workers.

Commercial Vehicle Insurance

If your small business uses company vehicles to carry equipment, products or employees, you’ll need an insurance policy to protect them. A commercial auto policy can cover any work vehicles from cars to transport trucks, providing money for accidents and damages. If you don’t have company cars, but your employees use their own vehicles to carry equipment or inventory, you can often obtain liability insurance for non-owned vehicles to protect your business when the worker doesn’t have adequate insurance coverage.

When you own a small business, you need to plan for mishaps by obtaining a business insurance quote. The above policies can help protect your company when things go wrong and save you a lot of money in litigations.

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