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What Are the Different Types of Small Business Insurance?
Watch this video for more information about how this coverage protects your business.
What Does Small Business Insurance Cover?
You’ve invested a lot in your small business. That’s why it’s important to keep it protected. With small business insurance, you can cover your property and income from potential losses.
We’re proud to offer small business insurance coverage that you can customize to fit your business’ needs. We’ve been protecting companies like yours for over 200 years. Our specialists will work with you to find out the kinds of risks you face and help you choose which types of small business insurance your company needs.
To start protecting your business, get a quote today.
Basic Insurance Coverage for Small Business Owners
A Business Owner’s Policy (BOP) combines these three insurance coverages into one:
- Business property
- General liability
- Business income
In most cases, bundling insurance coverage can cost less than the total price of individual insurance policies, which can help save you money. We also understand that every business has its own unique needs. That’s why we give you the ability to add on additional insurance coverages to your BOP.
Types of Small Business Insurance Coverages
Every business faces different risks. That’s why we’ll help you customize your insurance by adding individualized coverage options to your policy. This allows small business owners to get small business insurance that’s tailored to their business. We’ll also help you find the right amount of coverage to make sure you’re best protected.
Business Property Insurance Coverage
Whether you own or lease your building, business property insurance coverage can help protect your property and your business’ inventory from covered losses.
General Liability Insurance Coverage for Small Businesses
General liability insurance covers claims made against your business for:
- Bodily injury (slips, trips and falls)
- Property damage
- Personal or advertising damage
Liability insurance for small business coverage can help protect your business from claims for:
- Medical payments from accidents
- Damaged customer property
- Slander lawsuits
Our commercial general liability coverage provides some of the broadest business insurance available. You can also reduce your commercial general liability insurance cost by bundling it in your Business Owners’ Policy.
It’s important to remember general liability insurance coverage doesn’t pay for damages from the professional services you provide. Instead, you’ll need professional liability insurance to help cover them.
Business Income Insurance Coverage
Our business income insurance helps replace lost revenue if you’re unable to open because of a covered loss. This coverage is also known as business interruption insurance. By helping to replace lost income, you can continue paying expenses like payroll while your property is being fixed.
Workers’ Compensation Insurance Coverage
Workers’ compensation insurance gives benefits to employees for work-related injuries or illnesses. This insurance coverage can help pay the costs of:
- Medical care
- Lost wages
- Disability benefits
Workers’ comp can help protect your employees if they:
- Slip and fall on ice while walking up your outside stairs
- Are in a car accident while delivering a product to a customer
- Hurt their back after repeatedly lifting heavy boxes
Keep in mind that in most states, workers’ compensation is among legal small business insurance requirements.
Commercial Auto Insurance Coverage
Commercial auto insurance helps cover financial costs from an auto accident if your business or your employee is at fault. This insurance coverage helps pay for damaged property and medical expenses resulting from the collision. Additional coverage is available for vehicles with a lienholder.
You should consider a commercial auto insurance policy if your business:
- Has employees who drive leased, rented or owned company cars.
- Owns, leases or rents vehicles, including trucks.
- Has employees who drive their own cars for business reasons. You may also need hired and non-owned auto coverage.
Cyber Liability Insurance Coverage for Small Businesses
Most businesses rely on computers to keep track of important financial documents or customer information. Even if your small business follows data protection rules, hackers can still get sensitive information. That’s why cyber liability insurance is important. This will help keep your small business protected from data breaches and hacking. You can buy this policy by itself or add it to your BOP.
With this coverage, if a hacker gets through your small business’ firewall and steals customers’ data, it can help pay to:
- Notify impacted customers, patients or employees
- Hire a public relations firm
- Offer credit monitoring services to data breach victims
Professional Liability Insurance Coverage for Small Businesses
If you or your employees make a mistake in the services your business provides, you’ll want professional liability insurance to help protect you. For instance, if your employee gives your customer financial advice that causes them to lose money, professional liability can help cover the cost of any lawsuits filed against you.
Why Does Your Small Business Need Coverage?
Small business insurance helps protect your company from liabilities and property damage. Once you buy your coverage, you’ll want to get a certificate of insurance from your insurance company. This shows your customers that you have the right coverage.
How Much Does Small Business Insurance Coverage Cost?
The cost of small business insurance depends on a number of factors, like your:
- Industry
- Type of insurance coverages
- Deductible and limits
To find out how much it’ll cost to cover your business, get a small business insurance quote today.
Last Updated: August 14, 2023
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