Types of Small Business Insurance
Types of Small Business Insurance
There are many types of small business insurances policies, so a licensed insurances agent can help you choose the right one. Each type of insurance policy has different features and requirements, so you’ll want to consider all your needs and the risks your business faces before making a decision. For example, if you own a building or rent one from someone else, you should look into a commercial property insurances policy. This type of insurance protects your equipment and building from damage or destruction. However, it does not cover earthquakes, floods, or other natural disasters.
If you are thinking of opening a small business in your home, you should be aware that mixing business and home could cause coverage issues. It’s wise to talk to your homeowners insurances agent to see if you can obtain an endorsement for the business portion of your home. This way, you’ll have coverage for the equipment, inventory, and supplies you need for your business. Alternatively, you can purchase a standalone BOP policy that will cover all of your liability risks.
Business Insurance
Small business insurance covers many different risks, including cyber risk and employers’ professional liability insurances. In addition, there are other types of small business insurances that address risks specific to your industry. You can also purchase commercial general liability insurance to cover injuries and damages to customers and other members of the public. And if you have employees, you can also consider purchasing workers’ compensation insurances.
In addition to general liability insurance, you may also consider purchasing professional liability insurance, also known as errors and omissions insurance. This type of insurance covers you in case a client sues you for a negligent act. For example, a real estate agent who failed to mention mold in a basement could be held liable for damages that result from his mistake. Many businesses also purchase a business owner’s policy that includes general liability insurance, property insurance, and workers’ compensation.
Many small businesses can also access coverage through the Affordable Care Act. The ACA has passed several laws that affect small businesses, including the Small Business Health Options Program (SHOP), an online exchange that helps employers with fewer than 50 full-time employees buy affordable health insurance. The Affordable Care Act also provides many small businesses with health care tax credits, which can cover up to 50 percent of their premium costs.
Business Insurance
General liability insurance is one of the most basic types of small business insurances. It protects the owner from third-party claims for injury, property damage, and advertising injury. General liability insurances is an essential part of small business insurances, but different types of small businesses will have different needs. General liability insurances provides general coverage, and protects the business from lawsuits and libel and slander.
In addition to protecting your business against lawsuits, general liability insurances will also protect your business from employee injuries. It also pays for medical bills, legal fees, and property damage. In addition, general liability insurances will also cover damage to rental property. Depending on your business type and size, you’ll also want to consider workers’ compensation insurances. This insurances will help pay for the medical expenses of a worker who is injured on the job.