Insurance protection is a reality for today's entrepreneur and small business owners, just as it is for large corporations. There is coverage for just about any issue that could arise in your business. The policies you need depend on a number of factors, including what industry you're in.
There are basic insurance policies business owners should consider.
Professional Liability Insurance
Also known as errors and omissions insurance, professional liability coverage protects against claims of negligence and malpractice. It covers economic loss caused by negligence in performing, or failure to perform, services. There is a lot of variation in what is needed and, in many cases, required for particular professions.
General Liability Insurance
While professional liability insurance protects against economic loss usually caused in the performance or non-performance of services, general liability policies cover losses involved with actual bodily injury, death or damage to property. For information about what is required in your state see General Liability Insurance State Guides.
Product Liability Insurance
Manufacturers, wholesalers, retailers and distributors protect themselves from financial loss due to a product defect that causes injury or harm. A company that makes appliances will have a higher risk than a clothing store, which won't need as much product liability insurance.
Property Insurance
If your business owns or leases space, you need property insurance. In the event of fire, theft or storm, this insurance covers Inventory, equipment, signage and furniture. If your area is prone to earthquakes and floods, however, you will need a separate policy possibilities.
Business Interruption Insurance
If business operations are disrupted by a disaster, business interruption insurance covers loss of income related to the staff's inability to work. The policy compensates the business for lost income because of damage to the work area, products and other essentials.
Commercial Vehicle Insurance
Company vehicles must be insured against liability claims. If employees use their own cars for work, their own individual auto insurance plans will cover them if they're involved in an accident. As a caveat, however, if the employees are using their own vehicles to deliver goods or services for a fee the business is responsible for their vehicle insurance coverage.
Workers' Compensation Insurance
Generally, if you have five or more employees you are required to purchase workers' compensation insurance. However, the rules vary from state to state. In California, for instance, you must carry workers' comp insurance even if you have just one employee. Medical treatment, disability and death benefits are covered should an employee be injured or dies while working.
Get help understanding what kinds of business insurance you should consider and to get policy quotes visit this online resource.
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