Types of Small Business Insurance

Small business insurance can cover many different risks. Depending on the type of business, you may need liability, property, and health insurance. You can also get workers’ compensation insurance if you have employees. Other types of insurance you should consider include commercial property and business income coverage. A licensed insurance agent can help you figure out what you need and get you the best rates.

A business owner’s policy (BOP) is a type of small business insurance that combines several different types of coverage into one policy. It typically includes property, liability, and a small amount of endorsement coverage. This combination of coverage can save you money. But keep in mind that each type of insurance has its own deductibles and limits.

Another type of insurance for small businesses is product liability insurance, which covers damages or injuries caused by a business’ products. Product liability insurance is more specific than a general liability policy and offers more protection against certain kinds of lawsuits. A product liability claim can be extremely expensive for a business, so it’s best to have a specific policy that covers specific risks.

There are different types of small business insurance, but the most common type is the business owner’s policy, which bundles property insurance and general liability insurance. This policy is one of the most affordable commercial insurance policies available. You can also purchase errors and omissions insurance to cover your legal expenses if you’re sued for a business-related mistake.

General liability insurance is an essential part of any small business policy. It protects you and your employees in the event of a lawsuit. This insurance protects your business from lawsuits for negligence or poor advice. Other types of insurance include workers’ compensation insurance and small business health insurance. In addition, workers’ compensation insurance protects your workers when they’re injured. Lastly, property insurance covers the buildings your business uses. This policy also protects your inventory, technology, and other property. You should also consider commercial auto insurance for your company’s vehicles.