Small Business Insurance Coverage
What you need to know about Business Insurance Coverage
Knowing Business Insurance Coverage can help you decide to acquire business insurance. If you own a small business, getting business insurance might be the one thing you need to consider. First, you need to determine the type of your business, whether you are selling a product, providing a service, or any other nature of business. Moreover, think of the risks that might happen to your business, is my property protected if there’s a fire that broke out? How about my employees? If these questions come up to your mind, you might want to consider these types of business insurance coverage.
Types of Business Insurance Coverage
This is the most common business insurance coverage which supports you at any cost if someone made an allegation against your business. Additionally, this cause is because of bodily injury or property damage.
Example: “While your employee is mopping, he forgot to put a warning sign on a wet floor. A customer walks by and suddenly slips to the wet floor. Therefore, the customer files a complaint to your business for the cost of medical treatment.”
Property Insurance is a type of coverage that protects your business property, including tables, chairs, computers, equipment, tools, etc. Moreover, this is in the event of a fire, theft, vandalism, smoke/wind damage. If other hazards/perils cause damage to your property that is not on the list in your policy, you can inquire with your business insurance group.
Workers Compensation provides benefits to injured employees or got sick while performing their job. Additionally, this type of business insurance coverage provides medical treatments to those who got an injury while doing their work.
This type of coverage protects vehicles that are for business purposes. That includes employees and products or equipment that vehicles carry if collisions or any accident-related happened. Additionally, if your employee owns a car and they are using it for your business, you should consider having non-owned auto liability for you to protect your business if there are unexpected events that may happen. This is highly recommended if your employee does not have personal insurance.
Business Interruption Insurance
This type of coverage is a form of property insurance that covers you from damage that arises. However, it will not cover potential income if your business will be temporarily closed (caused by relocation or disasters). Additionally, Business Interruption insurance is an extra layer of protection for your property damage.
This is an Insurance package that small business owners need to have, especially if you want to save money or you are starting your business. Moreover, BOP typically covers General Liability, Property Insurance, Commercial Auto and Business Interruption. Besides, you can choose or add any Insurance in a BOP depending on the Insurance.
If you own a small business, this type of business insurance coverage is very ideal for you. Moreover, it can help you to be more confident in any event that you might not want to happen for you, your business, your business properties, and your employees. In addition to the business insurance coverage listed above, you can also consider these following types of business insurance coverage depending on the nature of your business.
Directors and Officers Insurance
This type of coverage protects the directors and officers while performing their duty. Often they work on operations of an Insurance or on how to gain profit. Commonly, this is a form of liability insurance which reimburses the losses of directors and officers or the Insurance itself.
This coverage protects your identity, data information, employees’ personal information, paper files, and public relations. Moreover, it can also include any sensitive information depending on the coverage of your business insurance. This form of coverage is cyber liability insurance which protects you from any cyber-attack