There are numerous types of insurance available to business owners. Insurance protects your business from various risks that may arise during normal operations. Choosing the right business insurance can be difficult, but we’re here to help.
Many small business owners begin with a Business Owner’s Policy for their insurance needs. It combines three important coverages:
- Insurance against general liability
- Insurance for commercial property
- Business income protection insurance
Quote Radar will assist you in obtaining the kinds of business insurance that your company requires. Get a commercial insurance quote today to find out how we can assist you.
1. Public Liability Protection (PLI)
Public liability insurance protects your company against claims that it caused:
- Other people’s bodily harm
- Property damage to someone else’s belongings
- Libel and slander are examples of personal injury.
2. Insurance for Commercial Property
Commercial property insurance protects your rented or owned building and the equipment you use to operate your company.
Please remember that this insurance will not cover damage caused by earthquakes or floods. To safeguard your company from these types of claims, you’ll most likely need to obtain a separate policy, such as commercial flood insurance.
3. Business Income Protection Insurance
If you cannot operate your business due to covered damage to property, corporate income insurance can assist you in replacing your lost revenue. As a result, you can use this protection to find a way to pay for ongoing costs such as rent, utility bills, or payroll. This is also referred to as business interruption coverage.
4. Insurance for Professional Liability
Professional liability insurance protects you from lawsuits alleging that you provided incorrect services. This is also referred to as the errors and omissions (E&O) coverage.
5. Insurance for Workers’ Compensation
Workers’ compensation insurance benefits your employees if they are injured or become ill on the job. These advantages may be beneficial:
Pay for their health bills.
Replace most of their lost salary if they are absent from work to recover.
Cover funeral expenses if they die due to a work-related illness or injury.
Pay for ongoing medical care, such as physical therapy.
Workers’ compensation insurance is required in most states for businesses with employees. You may face fines, penalties, and criminal charges if you do not follow your state’s laws.
6. Insurance for Data Breach
Data breach insurance assists your company in responding to a data breach if personally identifiable information is lost or stolen. This coverage may be referred to as cyber insurance by some insurers.
- Data breach coverage can assist you in covering the following expenses:
- Notify those who are affected.
- Provide services for monitoring identity theft.
- Construct a public relations campaign.
7. Business Umbrella Insurance
A few of your liability policies’ coverage limits are increased by commercial umbrella insurance. So, if a claim surpasses your policy limits, your umbrella coverage can assist in covering the difference.
8. Insurance for Commercial Vehicles
Commercial car insurance protects you and your employees on the road if you keep driving company-owned vehicles for business. It can help cover real estate damage and bodily injury claims resulting from an accident caused by your business. This is significant because a private car insurance policy will not help protect third-party claims if you cause an accident with a business-owned vehicle.
What Kinds of Insurance Are Required for Small Business Insurance?
Depending on your industry and location, the law may oblige you to carry specific types of insurance. Most states, for example, require employers to carry workers’ compensation insurance. Some states have industry-specific business insurance laws. Accountants, for example, may be required to obtain professional liability insurance.
You must be familiar with your state’s business insurance laws. You can collaborate with an insurance representative to ensure you comply with all regulations. They can assist you in tailoring an insurance policy to your specific needs and budget.
