Have a Small Business? Top Insurance Coverages for Business Owners

Risks are always involved where owning a business is concerned. If risks are dealt with early enough, many of them are manageable; especially if they are done prior to the launch of your business. There are many different kinds of coverage an owner can have in order to protect their business.

Not sure which ones are the best to have to safeguard your business against lawsuits, property damage, or other unexpected expenses?

Commercial General Liability (CGL)

Commercial General Liability (CGL) is one of the most crucial insurance policies for any business to have. This type of coverage protects businesses against lawsuits for property damage caused by your products, operations, and injuries that happen on your business’ property.

Commercial Property Insurance

Does your business have a store, office space, warehouse, or other commercial property? Commercial Property Insurance is a good type of coverage to have on hand. It allows you to protect your building structure, equipment, renovations, and inventory against events such as a fire, theft, and vandalism.

Professional Liability Insurance

If your business provides advice to clients that may potentially cause them to suffer a financial loss? Professional Liability Insurance (also known as Errors and Omissions Insurance or E&O insurance) covers businesses should this situation happen and your client decides to file a lawsuit.

Product Liability Insurance

Product Liability Insurance is a must-have for any business that sells products. This type of coverage secures your business from being sued due to your manufacturing or defective product causing harm to your customers. Have a look at your policy to see if your CGL coverage includes Product Liability Insurance as it is not always combined with it.

Home-Based Business Insurance

Is your business based out of your home? If so, Home-Based Business Insurance coverage may be one to look into being covered by. Operating and conducting business activities out of your home is separate from personal activities in the same space. Making sure your business is covered adequately is key to protecting it outside of your home insurance.

Cyber Insurance

Is your business operated in part or completely online? Cyber Insurance coverage protects against losses your business may incur due to events such as your customers’ information being hacked, or credit cards being compromised through an online transaction.

Every business is different. Some of the coverage needs your business may benefit from may not have made this list. Speaking to your insurance broker will help you to learn about all of the insurance options your business is eligible for to properly safeguard your business against potential risks. When discussing your insurance needs, make sure to disclose complete details to ensure you will be fully covered.