If you own a small business, it is essential to understand the types of insurance coverage that you need. Small business insurance policies are generally composed of various types, including general liability, workers’ compensation, auto, and property coverage. It is important to have a combination of these policies, as this will protect you and your business from the unknown. This type of insurance will also protect your business’s equipment and property from physical damage. The following sections provide some helpful information about these types of insurance for small businesses.
General liability insurance
A general liability insurance policy protects your business against claims of injury and property damage caused by your business’s actions. In many cases, you can even get a policy that covers excess liability. A general liability policy typically includes a deductible for certain damages. The deductible is a pre-determined amount that a business owner will pay before the insurer begins paying benefits. Higher deductibles can reduce the premium you pay.
While it may seem overwhelming to choose a general liability insurance policy, it is a necessity for small businesses. One lawsuit can devastate a small business. It can also drain the personal finances of business owners. Therefore, it is imperative to choose a general liability insurance policy that offers you the best value for your money. In this article, we’ll discuss the basics of general liability insurance, what it covers, and how much it costs.
Commercial property insurance
Whether you run a brick-and-mortar store or a service-based company, commercial property insurance is essential to protect your business assets. Commercial property insurance is typically sold together with liability insurance, although you can buy them separately. Commercial property insurance protects your business’s tangible and intangible assets, keeping you in business. In the event of a loss, commercial property insurance will cover the repair costs and pay for loss of income.
When choosing a commercial property insurance policy, make sure you understand the exclusions. An insurance policy may not cover certain items or events, but understanding what those exclusions are will help you determine the types of coverage you need. Listed below are several companies that offer small business insurance plans. However, keep in mind that the following information is not legal advice. You should discuss any concerns with your business advisor or attorney. Listed below are a few tips to help you get the right coverage for your needs.
Product liability insurance
If you’re running a small business, understanding product liability insurance for your company can help you avoid potential pitfalls. Although many small business owners are unaware of the risks they’re taking, they often ignore the need to protect their company. Listed below are some tips to help you choose the right policy. Regardless of your industry, you’ll need some basic information to protect your business. You’ll also need to consider the type of product liability insurance policy you need.
Understand the limits of coverage. Your business may be covered for up to $1 million per occurrence or $2 million per aggregate. A claim under a million dollars would be paid by your insurer, less the deductible. If the claim is for more than $1 million, the business would have to pay the rest. Depending on the nature of your business, you may need higher limits. Generally, getting multiple quotes is easiest done through an online insurance portal.
Liquor liability insurance
If you are a small business owner, you should consider getting liquor liability insurance. This insurance covers you against many of the disasters that can come your way. Not only does it protect you from the financial consequences of a drunken customer, but it also helps you protect your business from possible victims. However, before purchasing a liquor liability insurance policy, you should make sure that you have all the other necessary insurance coverage.
Liquor liability insurance rates depend on several factors, including the volume of sales. The best way to find out the exact cost of your policy is to get a quote from a specialist. They can help you understand the risks that you face, and get you covered with a comprehensive policy. Here are some tips for finding an affordable policy. This type of insurance is available for small businesses and costs anywhere from $500 to $1200 annually.
Commercial auto insurance
In addition to the liability insurance for your vehicles, commercial auto insurance also covers objects in the event that you’re involved in an accident. That way, you don’t have to pay for damage to your work vehicle, and you can avoid paying out of pocket if an accident occurs. Coverage may include coverage for theft, vandalism, and fallen trees. Your policy may also cover your business vehicle if it is left outside overnight.
If you operate a ride-sharing service, you may not have your own fleet of vehicles, but you may need to use your employees’ personal vehicles for business purposes. In these situations, commercial auto insurance is required, and you’ll want to find an agent who can help you choose the right coverage. Remember, one agent can handle all of your business insurance needs. That way, you’ll be able to ensure maximum protection for all of your vehicles and avoid duplication of coverage.