/ BLOG

4 Insurance Policies Your Small Business Should Consider

May 31, 2021 · 4 minutes to read

You’ve worked hard to create a small business to be proud of, and it deserves all the protection it can get. However, when you’re first starting out insurance may be an area of confusion. Beyond the business insurance policies you must have, there are also ones that are strongly recommended. By putting these coverages together, you can start to build a safety net to help protect your livelihood.

There are many different business insurance products available to small businesses. Here are four types of policies that small business owners commonly consider.

1. Workers’ Compensation

Workers’ Compensation insurance protects you against medical expenses and lawsuits that can arise from employee workplace injuries and illnesses. It could also pay lost wages as a result of the work injuries that an employee sustains.

In most states, Workers’ Compensation insurance is required by law if you have employees. Sole proprietors are generally exempt from meeting these legal requirements. However, having this type of business insurance in place may still be a good idea even if it is not mandatory.

Work-related injuries can potentially be expensive. Health insurance policies typically exclude them from their coverage, leaving you out of pocket for medical costs if you do not have Workers’ Compensation insurance. This could have a huge impact on your business (and possibly personal) finances if you are operating within razor-thin budgets and profit margins.

A Workers’ Compensation policy can also provide other important benefits, such as paying a portion of your wages while you take time off to recover or providing disability support if you are unable to return to work.

2. Professional Liability

A Professional Liability insurance policy (also known as Errors and Omissions or E&O insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.

Many states and professional associations require Professional Liability insurance for certain occupations. You may be required to carry a policy to get or renew some professional licenses. However, you may still want to consider this type of business insurance in some circumstances.

Businesses that provide professional advice or services may benefit from having Professional Liability insurance. A policy helps protect you against claims of error, omissions, misrepresentation, negligence, and other related events.

A Professional Liability policy also helps protect you against baseless claims. These can be expensive to address, especially if a lawsuit is filed. Your policy will cover the cost of hiring an attorney and other legal fees resulting from efforts to clear your name or business reputation.

3. General Liability

Your General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation.

This type of business insurance is typically not required by law, but it may be necessary if you work with business contracts. Businesses often ask freelancers and contractors to provide proof of their General Liability insurance before signing a contract with them. Commercial landlords may also require tenants to carry General Liability insurance to rent their premises.

Even if you are not required to have General Liability insurance, a policy may still be useful. Third-party injury claims are more likely if clients, customers, vendors, or other members of the public regularly visit your workplace.

A General Liability insurance policy also protects you from property damage claims from third parties. This may be relevant to your business if you regularly visit customers in their homes or are responsible for the care and storage of their property.

4. Business Owner’s Policy

A Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.

This type of insurance policy is typically not legally required for you to operate (though it may include coverage, such as General Liability, that you may need to meet some contractual obligations).

While it may not be required by law, a BOP could help protect your small business from many common risks. These policies can be customized to suit your business’ needs, covering events such as property damage, hired vehicles, transporting clients’ property, and business interruption.

Find business insurance with BizInsure

Workers’ Compensation, Professional Liability, General Liability, and a Business Owner’s Policy are four types of business insurance that small businesses should consider. BizInsure makes it easy to get quotes from multiple insurers and compare all four—with just a single data entry.

No matter what industry you work in, business insurance could help put your small business on the path to success. Start quoting business insurance policies.

Get Free Online Quotes and get coverage instantly

The coverage you need for your business.

Business insurance is divided into different policies. We offer 4 types so it's easy to design the coverage that fits your business.

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Let's find

The coverage you need for your business

Professional Liability Insurance

Get a quote

General Liability Insurance

Get a quote

Business Owner’s Policy (BOP)

Get a quote

Workers Compensation Insurance

Get a quote

Love it
Hanna R.
1708272180
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
1708044666
The agent was quick and efficient in generating a quote for my needs.
Theresa F.
1707895796
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Bev G.
1707524454
Very easy to sign up for insurance.
Great company
Brown G.
1706896003
Fast and efficient!
Kim C.
1706746693
عالی
alireza J.
1706727364
It was great being able to get a policy that suits my company's need in less than 30 minutes. They were vey thorough. Very competitively priced.
Lynette C.
1706621476
I worked with Andrea for another start up business. She was very knowledgeable and help me pick the correct policy. Amazed at how quickly the process went.
Representative was very kind, helpful, and educated me well. I appreciated today's prompt service with confirmation that I was satisfied with what was provided to me.
Tina P.
1706224051
Great company for.your low cost business insurance needs.
constantin T.
1706156911
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
1706126428
Wonderful
Complete C.
1705788054
MUY BUENO
Super easy process.
Ashley G.
1704830227
It’s very easy to understand and at a very reasonable price.
Mary M.
1703780096
Professionalism, Quality, Responsive and budget friendly
B D
1703029371
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
Brie C.
1702775397
I have been a customer of BizInsure for a few years now and I love it. There customer service is awesome and the prices are affordable.
Danyale W.
1702132165
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
Kathy Ann A.
1702059151
bizinsurance makes purchasing Business Insurance...SIMPLE!
Andrea W.
1701380391
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Terry
1701319042
Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
1700848536
Always and easy process. Thanks!
Gerald S.
1700244544
Renewal was quick and easy online
Angelita K.
1699752900
I had a great experience working with Andrea from BizInsure. She was extremely knowledgeable, helpful, and responsive throughout the entire process. She guided me through the different options available and helped me find the perfect home care professional liability insurance policy that suited my needs. Her professionalism and expertise made the entire experience smooth and hassle-free. I highly recommend working with Andrea and BizInsure for all your insurance needs.
Juliette S.
1699032636
Easy to submit an application and to get quotes
Simone S.
1698775217
I had the most pleasant prompt and professional experience of my life with Bizinsure. Everything was completed in record time, at an unbelievable cost…and my certificate of Insurance was promptly emailed to me. Most of all it was effective immediately. No hassle no back & forth, just great service highly recommend to all small businesses.
Marcia S.
1698407456
Excellent
advanced U.
1697824466
Great service. Very professional and cordial. Thanks
Jeremiah U.
1697064641
BizInure has been a great company for our insurance needs. I wish customers services was 24/7, that would make it a five stars
Novilette L. J.
1696828014
js_loader
Google Rating
4.7
Based on 242 reviews
×
js_loader