No two businesses are alike, and every small business owner should consider the risks associated with their industry, location, growth plan, and the core components of their operations. If you're an entrepreneur who wants to get familiar with your insurance options, review these common types of small business coverage.
General liability insurance is the most common type of business insurance, and it can help protect you from financial damages resulting from claims involving bodily injuries and property damage. This coverage can cover the cost of attorney fees and medical bills if a customer gets hurt by slipping and falling while on your business's property.
Aside from labor, one of the biggest expenses your new business will face is purchasing equipment and stocking up on materials for your inventory. In the event of a fire or some other destructive event, commercial property insurance will cover the cost of replacing physical assets, including repairing damage to the building and replacing lost inventory.
If you or your employees will need to drive company vehicles that are owned, rented, or leased, you'll need commercial auto coverage to keep your business covered while they're on the road. For example, if an employee drives a company truck to make a delivery and hits another vehicle, having commercial auto coverage will help pay for those damages.
If you employ anyone other than yourself, you should consider adding workers' compensation to your policy. This provides coverage for an injured worker's wages and medical benefits if they're hurt on the job. If an employee chooses to accept benefits from workers' compensation, they waive their rights to sue your business for their injuries.
The team at Insurance Lounge will be there for your business as it grows and your needs change. We're a no-commission agency that offers support across multiple platforms to meet you where you are. As a one-stop shop for business insurance, we offer various coverage options for a range of industries. You can request a quote online, over the phone, or at one of our retail storefronts.
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