Coverages to consider to protect your small business.
When you run a business, you’re exposed to many more risks than you are when working for someone else. You have more responsibilities, vulnerability, and more assets to protect. This is exactly why you need business insurance.
There are many forms of insurance that a business may have. Some are essential, while others range from extremely important to just nice to have. To help you determine what you need, take a look at the main types of insurance.
Commercial Property Insurance
One of the first insurance policies you should consider is property insurance. Business property insurance covers the loss and damage to company property that results from different events, ranging from storms and fires to vandalism and theft. Note that, generally, mass-destruction events like flooding and earthquakes are not covered. In this case, you would need to purchase the two policies separately to be covered for these instances.
Commercial General Liability
Accidents happen. General liability helps to cover physical damage to the property of others or injuries to others, as well as protection from claims of libel and slander.
Business Owners’ Policy
A business owners’ policy (or BOP) is an ideal solution for small businesses that own their own buildings and have valuable business equipment. This type of insurance protects against damage to the property owned and used by the business and also combines the cover found in general liability.
Professional Liability Insurance
Also known as errors and omissions insurance, this coverage protects businesses from claims that the business was negligent in performing their professional services or failed to perform their services. In essence, this coverage insures the actual services your business provides or the products you produce.
Workers’ Compensation Insurance
Even if you only have one employee, workers’ compensation is required. This insurance covers lost wages and medical expenses if an employee is injured or becomes sick as a result of their employment with your business.
Interested in finding the right business insurance for your company? Then turn to the experts at Sausman Insurance in Mifflintown, Millersburg, and Lewistown, Pennsylvania. Our team is ready to assist you with all your insurance needs. Contact us to get started today.