Small Business? Here’s the Insurance You Need
Running a small business comes with risks, and the right insurance can protect you from financial losses. Here’s a breakdown of essential business insurance types:
1. General Liability Insurance (Must-Have)
Covers:
Third-party injuries (e.g., a customer slips and falls)
Property damage (e.g., you accidentally damage a client’s property)
Legal fees from lawsuits
🔹 Best for: All businesses, especially those with a physical location or customer interactions.
2. Business Owner’s Policy (BOP) (Cost-Effective Bundle)
Includes:
General liability insurance
Property insurance (for equipment, inventory, etc.)
Business interruption insurance (covers lost income if you can’t operate due to a disaster)
🔹 Best for: Small to medium businesses looking for comprehensive coverage at a lower price.
3. Professional Liability Insurance (For Service-Based Businesses)
Covers:
Mistakes, negligence, or poor service claims
Legal costs from dissatisfied clients
🔹 Best for: Consultants, accountants, marketers, designers, real estate agents, and other service providers.
4. Workers’ Compensation Insurance (Legally Required in Most States)
Covers:
Medical bills for injured employees
Lost wages
Lawsuits from workplace injuries
🔹 Best for: Any business with employees (required in most states).
5. Commercial Property Insurance (If You Have a Physical Location or Equipment)
Covers:
Office space, equipment, inventory, and furniture
Fire, theft, vandalism, and some natural disasters
🔹 Best for: Retail stores, offices, warehouses, and businesses with physical assets.