Types Of Insurance Every Small Business Needs
Businesses big or small require insurance. It merely depends on the magnitude of risk involved in the business that determines the insurance. Uninsured losses may affect the existence of a company that you have worked so hard to set up.
TYPES OF INSURANCE EVERY SMALL BUSINESS NEEDS
There exists many different types of commercial insurance which is a sheer necessity these days. Let us have a look at a few of them here:
- Commercial General Liability Insurance
This type of insurance is for the overall protection of small businesses. It covers the risks involving damages pertaining to property, personal as well as bodily injuries.
- Business Property Insurance
Protecting the future damage to the property, this insurance safeguards your office property including office inventory, equipments, and so on..
- Professional Liability Insurance
Best known as the Errors and Omissions (E & O) Insurance, Professional Liability Insurance is meant for small businesses covering the mistakes and failure to perform for negligence claims. Every industry has its own set of concerns so it is customizable as per industry norms.
- Business Interruption Insurance
Another important insurance is Business Interruption or Loss Of Business Income Insurance. It is applicable to companies who operate from a physical location, for example, a retail store and they suffer interruption in their regular business operations due to reasons such as inability to make sales calls, etc.
- Worker’s Compensation Insurance
This type of insurance is required to be provided for a small business owner and his/her employees in order to cover the losses during the work hours for any work-related illnesses and injuries.
- Auto Insurance
In case the business involves use of vehicles, then this insurance comes into picture. Vehicles are insured against any accidents that may occur during the delivery.
Be safe, be insured.