Small Business Insurance

Small Business is generally easier to handle compared to large scale business. It requires triple amount of hard work and effort put into it and it and constant attention. Business can be tricky, and every single one of them suffers the graph of profit and loss. To protect any major losses or even incidents which lead to legal hearing, insurances are offered by companies. Any small business should have multiple insurances regarding major or minor happenings.

General Liability Insurance

Each business, whether or not it is international, requires having liability insurance.  The insurance policy offers both legal defense and any damage caused if the customer, his employees or their products/services cause  any harm or are alleged to have caused any Physical Injury or Property Damage to a third party.

Business owner’s policy

 A business owner policy package is all that is required to cover what he needs. Most of the time, BOP’s  include insurances for business interruption, property, vehicle, liability and crime. According to the company’s particular needs, one can edit what is included in the BOP. Traditionally, business owners save money by choosing a BOP because the total service package costs less than the total cost of all the individual coverage’s.

Property Insurance

This is one of the most vital insurances any business owner should have. Small business owners require more insurance so that in case of any incident or loss, the company doesn’t completely shut down and loss can also be mended easily. Business owners have their own building or own business personal property, including office equipment, computers, inventory or tools that should be considered purchasing a policy. Property Insurance protects in case of fire, vandalism, theft, smoke or damage etc.  Business interruption/loss of earning insurance should also be considered as a part of the policy to protect one’s earnings if the business is not capable to operate.

Worker Payment Insurance

This offers insurance to employees who are injured on the job. This kind of insurance provides income replacement and medical assistance to those who are injured while working. As a replacement for these benefits, the employee disowns his rights to sue that employer for the incident. Being a business owner, it is vital to have worker compensation insurance because it protects one’s self and the company from any legal complications.

Commercial Vehicle Insurance

This insurance protects the company’s vehicles. You can protect vehicles that carry employees, products or any sort of equipment. With commercial auto insurance one can insure their work cars, SUVs, vans and trucks from collisions and damage.  If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance nor has inadequate coverage.  Many times the non-owned can be added to the BOP policy.

Professional Liability Insurance

Professional liability insurance is also known as Errors and Omissions Insurance. The policy for this insurance provides defense against any damages or failure to improperly rendering professional services. The general liability policy does not provide this protection, so it is important to comprehend the dissimilarity. Professional liability insurance is applicable to any professional firm including lawyers, accountants, consultants, real estate agents, etc.

Home Insurance 

This is one of the most important kinds of insurance that an individual needs. This type of insurance protects against any damage to home and against damage to items present in the home. Moreover, this type of insurance also protects you from accidents that may happen at home or may have occurred due to actions of one’s own self.

Director/Officer Insurance

This insurance protects the position of directors and officers of the company against their actions that can affect the profitability or operations of the company. If a director or officer of the company, as a direct result of their actions on the job, finds him or herself in legal circumstances, this type of insurance can cover all costs or damages lost as a result of the lawsuit.

Data Violation Insurance

If the business hoards sensitive or non-public information about employees or clients on their computers, servers or in papers, they are responsible for protecting that information.  If any breach occurs either electronically or from a paper file a Data Breach policy will provide protection against the loss.