Small Business Commercial Insurance
Table of Contents
Small Business Commercial Insurance Overview
It goes without saying that all types of businesses require at least basic liability insurance. It is always advisable to secure your business as much as possible. Today, all industries are prone to lawsuits for one reason or another. Even if you do most of your work from home, there are still some risks to be aware of, such as copyright infringement. Luckily, there are customized small business commercial insurance policies out there, so you can look for deals that are tailored to your business type and size.
You should take the time to learn about the four main types of insurance: general liability, commercial property, commercial motor vehicle, and workers’ compensation. If you don’t make deliveries or use your car for business purposes, you probably don’t need this coverage in your policy. If you don’t have workers, you don’t need workers’ compensation.
Even if you have some employees, you may need to receive workers’ compensation, depending on your state’s laws and the level of risk associated with the employees. There is professional liability insurance for individuals such as lawyers, accountants, consultants, real estate agents, etc. General liability and professional liability are not the same.
There are some risks that are excluded in small business commercial insurance, although they can involve large losses. For example, “special policies” are required for floods and tornadoes. This is because the insurance companies don’t like having to pay out such a large amount of money to all the damaged companies in a small geographic area.
Commercial insurance coverage for small businesses
Here are some things that small business insurance will generally protect your business from:
• If someone is harmed in any way while on physical property associated with your business
• When a customer damages property caused by you or your employees
• If your products cause harm to someone or their property
• If you use a customer’s photo in your advertisement and they try to sue you for copyright infringement
• If your business is named in a medical and property damage claim
What about your OWN injuries? What would happen to your company if something happened to you? These are also things to consider when adding special coverage to your policy.
Just use the internet to find the right one Commercial insurance for small businesses for you, starting with Hiscox Business Insurance. Review your insurance every year to make sure it continues to meet your needs.
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