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Business Insurance – 3 Must Have Coverages for a Small Business

All businesses need insurance coverage. The trick for business owners is determining the type and amount of coverage their small business needs. By learning all you can about business insurance, you can make wise choices to protect your business. The following key coverage options can help secure your small business.

Business Owners Policy (BOP)
BOP combines property and general liability insurance coverage to protect your business. Property insurance protects your building and contents against the risk of theft, vandalism, fire or natural disaster. If you own the property, you can get reimbursed for its replacement or repairs. If you rent the property, property insurance will pay for repairing or replacing your furniture, equipment, and inventory.

General liability coverage protects you against accidents that may happen on your property. This insurance covers the medical expenses of visitors injured on your business site as well as your legal expenses if you are sued for damages.

Commercial Auto
If you own and operate company vehicles, you’ll need commercial auto coverage. Commercial auto provides greater protection against liability claims to protect your business assets. You can also obtain coverage for non-owned business vehicles used for business purposes.

Worker’s Compensation
If your small business has employees, worker’s compensation helps to protect them against accidents on the job. It is a policy that pays for medical expenses, loss of wages and disability income if the accident results in permanent disability. Good employees are hard to come by. Getting worker’s comp insurance shows you value your workers and are interested in their welfare.

The type and amount of business insurance you acquire depends a great deal on your business. You can personalize your policy to suit your business needs. A personalized business insurance policy will ensure you get ample protection for your small business without paying for coverage you don’t need.