What insurance do I need for my business?

You know that business insurance is an essential part of protecting your small business, but knowing which policies you may need is another story.

There are many types of insurance available to small business owners. The policies you may need depend on many factors, like the type of work you do and how your business is set up. Understanding your options can help you put together an insurance package that fits your business needs.

What is business insurance?

Business insurance helps you protect your business, employees, and assets.

Unforeseen events can be expensive, from injuries and property damage to broken equipment and mistakes. Business insurance can make it easier to manage unplanned bills caused by these incidents. That way, an accident or crisis doesn’t bankrupt your business or drain your personal savings.

What types of insurance are available to small businesses?

There are many types of business insurance that you might choose. However, some coverage is considered “core”—the most common and recommended policies for most businesses.

• General Liability – Protects businesses against the risk of customer injury and property damage.
• Professional Liability – Protects professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of their services.
• Business Owner’s Policy (BOP) – 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.
• Workers’ Compensation – 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.

Is insurance required to run a business?

For some small businesses, insurance is mandatory.

For example, professional service providers may need Professional Liability coverage to receive a professional license or to work in certain states. Workers’ Compensation insurance is also required in most states for businesses with at least one employee.

General Liability insurance is the most common form of coverage. It is often a requirement for leasing commercial space, such as offices, workshops, and warehouses.

Even if insurance isn’t a legal or contractual requirement for your business, having coverage may still be important. It can help safeguard your cash flow and savings should the worst happen to your small business.

What makes a policy ‘right’ for a business?

Every small business is unique. The ‘right’ policy for your business may be different from the business down the street, even if you both work in the same industry.

You might consider the following factors when choosing your business insurance:

• Is coverage required to receive a license or fulfill a contractual obligation?
• What potential risks does your business face?
• Are there policy exclusions that limit when you are covered?
• How much does the policy cost?
• Does the insurer have a strong customer service rating?

Protect your business with BizInsure

BizInsure knows that every small business is unique and has unique insurance needs. That’s why we make comparing and buying policies quick, easy, and affordable.

Compare quotes, choose your coverage and receive your certificate of insurance in about 10 minutes.

Get your free quotes online today.