Five Types of Insurance a Small Business Owner Should Have

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When you’re running a small business, you face many unique challenges. Especially if it’s your first time running a small business, you may not be aware of everything that goes into protecting your business. Every business is unique, so while you may not need the same insurance coverage as the next business might, these policy types are the commercial policies most likely to be need by your small business:

  1. General Liability Insurance
    a. If you or someone you employ causes property damage or bodily injury to a person, business or other party: your company would be liable for damages. General Liability insurance will cover you for the cost of mounting a defense, as well as any settlements or damages you may end up owing.
  2. Property Insurance
    a. Even if you do not own your office, it’s likely you own the things inside of it. Computers, inventory, office equipment and more. Property insurance will help you recover should your property become damaged or stolen.
  3. Professional Liability
    a. A professional liability policy will provide for your defense and damages, should you fail to provide professional service to your customers. What may seem like a simple mistake can turn into a major issue and professional liability will protect you from the likely unforeseen consequences.
  4. Commercial Auto Insurance
    a. If your business has even a single designated work vehicle, you will need a commercial auto policy to protect your investment. Even if the car is mixed use (used for personal needs as well) you may still need commercial auto coverage.
  5. Business Interruption Insurance.
    a. If your business faces a major disaster, business interruption insurance will help keep your business afloat financially. If you lose income or if you experience a reduction in your income as a result of a covered loss you’ll be covered under business interruption insurance.
    b. Business interruption insurance will help you recover lost income and can even provide  funds to help you keep your business running, such as relocation due to disaster.

Call AmeriAgency at 615-209-9362 for the best coverages and advice.

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