Deciding Which Insurance is Right for Your Small Business

commercial insurance

It is difficult to choose the right commercial insurance for small businesses because there are so many policies available. Generally, to be on the safe side, you should protect everything that is worth protecting in your business. Taking multiple insurance policies will definitely increase your expenses. However, this is better than losing an asset or something else that is important to your business.

Below are the types of insurance which could be right for your small business and why:

  1. Commercial property insurance – You should take this type of commercial insurance to protect your business properties including your business premises and your equipment. In case anything that is covered gets damaged or destroyed, you will get compensated.
  2. Commercial auto insurance – You should take this type of commercial insurance to protect any vehicles you or your staff use in your business. Commercial auto insurance generally covers damages to commercial vehicles and injuries to staff in case of auto accidents.
  3. Home-based small business insurance – You should take this commercial insurance if you operate your business from your home. This type of insurance generally covers customer accidents at your home, stolen inventory, and damaged equipment.
  4. Commercial general liability insurance – This is a very important insurance policy. It will protect you if your business is found to be liable for damages or injury to a supplier, a customer, or a third party. For example, if a client slips and falls in your business premises and you are found liable, this type of insurance will cover the damages.
  5. Professional liability insurance – This insurance will protect you in case you are sued because of the services you have offered. For instance, if you do not deliver a service as promised or if your customer suffers some sort of damage because of your professional services, this commercial insurance will cover the damages.
  6. Business interruption insurance – This is the type of insurance to cover your expenses and bills if your business is significantly interrupted by a fire, an interruption in supplies, or something else.

As it is evident from the information above, there are many types of commercial insurance for small businesses. They offer different kinds of protections. It is, therefore, important to talk to an experienced insurance expert to get advice on what insurance to buy for your business.