Small Business Commercial Insurance Overview: Understanding Basic Business Insurance Needs
It goes without saying that all types of business require – at the very least – basic liability insurance. It is always wise to protect your business from as much as possible. All industries are vulnerable to lawsuits for one reason or another these days. Even if you do most of your work from home, there are still some risks you should be aware of, such as copyright infringement. Fortunately, there are customized small business commercial insurance policies available, so you can search for quotes tailored to your company type and business size.
You should take the time to educate yourself about the four main types of coverage: general liability, commercial property, commercial auto, and workers’ compensation. If you don’t make any deliveries or use your car for anything related to your business, you probably won’t need this coverage on your policy. If you have no employees, then you will not need workers’ compensation.
Even if you have multiple employees, you may or may not be required to have workers’ compensation, depending on your state’s laws and the amount of risk associated with the employees. There is professional indemnity insurance for individuals such as lawyers, accountants, consultants, estate agents, etc. General liability and professional liability are not the same thing.
There are some risks that are excluded from small business commercial insurance, despite the fact that they may involve large losses. For example, floods and tornadoes require “specialty policies.” This is because insurance companies don’t like having to pay out such a large amount of money to all the businesses damaged within a small geographic area.
Commercial insurance coverage for small businesses
Here are a few things small business commercial insurance will generally protect your company from:
• If someone is injured in any way while on physical property associated with your business
• If a customer has any property damaged by you or your employees
• If your products cause harm to someone or their property
• If you use a customer’s photo in your ad and they try to sue you for copyright
• If your company is named in a lawsuit for medical expenses and property damage
What about your OWN injuries? What would happen to your business if something happened to you? These are also things to consider when adding specialist cover to your policy.
Just use the internet to find the right one commercial insurance for small business for you, starting with Hiscox Business Insurance. Review your insurance every year to make sure it still meets your needs.
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