WEDNESDAY, JANUARY 27, 2021
While small businesses may not need as much insurance as a large business, it is still crucial to have the right coverage tailored for your specific company. Every small business is different, but there are some common coverages that every small business should consider when looking for an insurance policy. 
Liability Insurance
There are several types of liability insurance coverages all geared for different risks. First, it is important to know what risks your business faces day to day. Compare those risks with the liability coverages that may be available, such as:
General Liability
General liability insurance is one of the most common and important coverages for businesses across industries, as it covers basic claims regarding bodily injury, property damage and personal and advertising injury. If someone is injured on your business’ property, general liability insurance can cover their medical bills as well as protect your business from a related lawsuit.
Professional Liability
Professional liability insurance covers claims of professional negligence filed against your business or its employees. If one of your employees makes a mistake that causes a client to lose money, this insurance can help pay for the damages.
Umbrella Liability
Umbrella liability insurance serves to fill in the gaps left by your other liability insurance policies. If your general liability insurance property reaches its limit for a claim, for example, umbrella liability insurance can cover the remaining expenses.
Property Insurance
Property insurance provides coverage for the physical assets of your business in case of loss or damage. Some common and useful property coverages include:
Commercial Property Insurance
Commercial property insurance covers the physical property owned and used by your business such as the physical location (offices, restaurant, store, etc.) and its contents in case of fire, wind, hail, lightning, smoke, theft, vandalism and more.
Equipment Breakdown Coverage
Equipment breakdown insurance covers your equipment in case it suddenly breaks down. This allows you to repair or replace your important equipment, including rush repairs.
Commercial Auto Insurance
Commercial auto insurance provides coverage for the vehicles owned or used by your business for work purposes. If your business uses vehicles to transport equipment, goods or people, you will need commercial auto insurance. This allows you to protect the vehicle, driver, passengers and everyone else on the road in case of an accident.
Also keep in mind that many states require Workers Compensation for businesses both big and small. Workers compensation provides coverage for employees who are injured on the job.
Be sure to speak with an insurance agent if you have any question about what coverage your business needs.
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