• Types of Insurance Policies for Small Business

    Types of Insurance Policies for Small Business December 17, 2015

    Entrepreneurs are known for their ability to take risks. After all, starting your own company, and running your own business, comes with its own unique set of uncontrollable factors. It may sound silly to think you could be missing out on running your business, but without the right risk management insurance, you likely find yourself worrying more about the “what-if’s” than you do enjoying your entrepreneurial pursuits. What if I make a mistake? What if my business is robbed? What if one of my workers gets injured on the job?

    From the startup to the established small business, it is important to cover your bases. Here are some insurance options to consider to best limit your risks:

    Errors & Omissions Insurance

    Also known as Professional Liability Insurance, this coverage is vital to those who can be held legally accountable for a professional service they or their business performed. Advertising agencies, consultants, financial planners, property managers, real estate agents, and website designers are among some of the businesses who should invest in this Errors & Omissions Insurance. Mistakes happen. And with Errors & Omissions Insurance, your business will receive coverage for any resulting judgments, including court costs.

    Business Income Insurance

    In the event that your business needs to be temporarily closed, such as in the case of physical property damage due to a storm, business income insurance will reimburse owners for any lost profits or continuing fixed expenses during that time. This type of coverage is recommended for those who depend on generating revenue at a brick and mortar location, such as a retailer, restaurateur, property manager, manufacturer or distributor.

    Crime Insurance

    Also known as Commercial Theft Insurance, with this coverage, you will be protected in the event of a loss of money, securities or inventory as a result of a crime. While crime protection insurance can be tailored to fit your needs, it may include coverage against: employee dishonesty, forgery or alteration, monetary theft, robbery, and/or computer or wire transfer fraud.

    Workers’ Compensation Insurance

    While this type of insurance varies by state, it is meant to minimize your costs in the case that a workers’ compensation claim is filed. Having this type of protection is an important step in protecting your bottom line.

    Business Auto Insurance

    Whether you have a multiple company cars, a single company van, or employees who use their own cars for business purposes, business owners should invest in Business Auto Insurance. Much like a personal auto insurance plan, your coverage will include collision, comprehensive and/or specified causes of loss coverage. Based on your business needs, there are a variety of policy options you can also take advantage of for an additional premium.

    Some of the above may be included in a comprehensive policy, but some may need to be purchased separately. Coverage types and additional protection options may also be available. As insurance needs vary from business to business, be sure to discuss what’s included in your small business policy with your insurance provider.


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