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Common Insurance Policies for Small Businesses

If you own a small business, you need to make sure you have the right types of insurance policies that will help you avoid legal liability. Although insurers tend to combine different coverages into a single package known as a Businessowners Policy (BOP), you need to make sure you also have the following types of insurance policies if you are a small business owner.

Commercial General Liability

Business owners can be sued by a number of different parties. From employees and vendors to shareholders and customers, you need to have a strong commercial general liability policy that will cover any damages you incur from a lawsuit. General liability policies cover attorneys’ fees, legal defense expenses, and medical bills of anyone injured by, or on the premises of, your business.

Professional Liability

Even minor mistakes can lead to major lawsuits. But with professional liability insurance, you will be protected if a claim is brought against your company alleging the services or products you provide caused financial harm to a customer. If your small business operation requires direct interactions with customers, you should seriously consider this type of insurance coverage.

Property Insurance

You never know when disaster might strike your small business, which is why you need to have property insurance to protect your financial interests in case of a fire or robbery. Property insurance covers more than just the building, it also covers personal property that is crucial to your business’s operations. Some property insurance policies even cover the cost of breaking down and removing debris left from a destructive event.

Auto Insurance

If you have cars or trucks that you use for business operations, they need to be fully insured under a business auto policy. Without this type of insurance, you will be liable if an employee suffers a serious injury or causes property damage while operating a company vehicle.

Do you have more questions about protecting your small business? Contact our legal team at The Smith Willis Firm to request your case consultation today.