There are several types of essential insurance coverage for small professional service providers: professional liability insurance, general liability insurance, and business owners' policies. Small businesses with one or more employees should also consider workers compensation insurance.
Small businesses that own their own buildings and have valuable business equipment may wish to consider a Business owners' policy. This type of insurance protects against damage to the property owned and used by the business and also combines the coverage found in general liability.
Commercial insurance is one of the most important investments you can make when starting a new company. Good commercial insurance will protect your company from severe financial loss and can be the difference between going under and staying afloat in the case of damages or a lawsuit. It's important to be knowledgeable of the different types of commercial insurance and work with a reputable agent to create the most appropriate policy for your business.
Commercial insurance is crucial for small businesses. It protects you from commonly experienced losses including property damage, theft, liability and employee injury. With adequate insurance, companies can more easily recover from these types of losses. Without it, you risk going out of business.
Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
Business owner's policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP's will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company's specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage's.
Commercial Auto Insurance: Commercial auto insurance protects a company's vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. 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 or has inadequate coverage. Many times the non-owned can be added to the BOP policy.