Understanding the Insurance Coverage a Small Business Needs

Understanding the Insurance Coverage a Small Business Needs

As a small business owner, you already understand the steps and efforts that need to be taken to ensure that you protect your business in any and every way you can. When it comes to this kind of protection, you also need to gain an understanding of insurance coverage and what your small business needs.

General Liability Insurance

Even if you run a home-based business, general liability insurance coverage is important to have. This insurance coverage provides protection against damages as well as for the defense of yourself and employees if there is any alleged bodily injury or property damage done to a third party.

Property Insurance

If you own a building or any other kind of personal business and commercial property that includes office equipment, inventory, and tools, then property insurance should be in place to help replace these items in the case of a fire, vandalism, theft, smoke damage, and other disasters. You can also add on business interruption or loss of earning insurance as well in the case that your business can no longer operate.

Business Owner's Policy

This kind of insurance policy has just about everything that a small business owner may need. This includes the insurance coverage we have mentioned above, along with vehicle coverage and crime insurance. However, this coverage can be changed to adapt to the unique needs of your small business.

Sometimes this is a way for the small business owner to save money on their insurance because they are effectively bundling several services in one. So, the total cost of these coverage options may be less than if they were purchased separately.

Commercial Auto Insurance

If your small business owns and operates vehicles, then you will want insurance coverage that protects not only the vehicles but also the employees using the vehicles and the equipment they transport. With this insurance coverage, you can insure your work vehicles are also covered from damages and collisions. 

Workers Compensation

If you have employees, then worker's compensation should be in place to help cover the medical costs and a portion of the lost wages for any employee that becomes injured on the job. This insurance coverage also goes a long way in protecting your business from being sued by the employee for workplace conditions that may have contributed to the injury.

Professional Liability Insurance

Professional liability insurance protects your small business from claims of negligence that is related to a professional service. Some businesses that choose to purchase this kind of coverage often include attorneys, architects, real estate agents, counselors, and accountants just to name a few.

Have questions about these types of insurance coverage or want to learn more about how each policy above can help protect your small business? Then contact the experts at Panorama today to go over the options available to you. They can help you pinpoint the best insurance coverage for your small business type to help ensure you are protected in the event of damages, injuries, and loss. 

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