If you run a small business, you never know what is around the next corner. For this reason, you need to protect yourself. As with all other types of insurance such as health insurance or car insurance, you’ll hopefully never need to use it.
But when you do need to make a claim, knowing it’s there will take a huge weight off your mind. Did you know that 75% of small businesses are underinsured by 40% or more?
So, what are the business insurance options that you need for your company?
In this article, we’ll take a look at the common types of small business insurance your organization needs to have in place.
General Liability Insurance
Having general liability insurance protects your business from any claims for property damage or injury. For instance, if someone slips or trips in your restaurant, having general liability insurance will help cover their medical treatment.
Lots of businesses opt to get general liability insurance that also includes product liability. This helps to protect them against claims of property damage or injury caused by their products.
Professional Liability Insurance
If you make mistakes in the services that you provide, you’ll need professional liability insurance to cover these. This type of insurance cover is often referred to as professional indemnity insurance or errors and omissions insurance.
With this type of insurance, if you run an accounting company and make a mistake on a client’s tax return, the insurance will cover any legal costs.
Business Income Coverage
Business income coverage is also referred to as business interruption insurance. It can help you reclaim any income lost if your business has needed to close due to a covered incident.
If a flood damages your restaurant, you’ll need to temporarily close. This type of coverage could help cover lost income until you are able to reopen.
Commercial Property Insurance
If there is any damage to your business property including tools, equipment, and furniture, commercial property insurance will help cover any costs. For instance, if your roof is damaged by bad weather, this type of coverage will help you cover the cost of repairs.
APOLLO cover insurance provides coverage for this type of occurrence.
Workers’ Compensation Insurance
Workers’ compensation insurance gives your employees benefits if they are injured or sick due to their work.
In many states, types of business insurance such as this is a legal requirement. If one of your employees injures their back by lifting a box, this coverage will help them cover their medical bills.
The Common Types of Insurance Your Business Needs
There are several key types of insurance for small businesses. From general liability insurance through to worker’s compensation, it is important to ensure you’re covered for every eventuality.
You should also make sure you shop around for the best small business insurance.
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