Business Insurance
Types of small business insurance
Business insurance can protect most businesses from a variety of problems. The most common business insurance products are:
Business owner insurance
provides damage protection from various mishaps, and also offers a degree of liability protection.
Property insurance
covers damages to the building where the insured business operates, as well as the items inside of the business, such as inventory, computers, etc.
Liability insurance
covers injuries suffered by someone else and damage to another property for which the business can be held responsible.
Product liability insurance
This form of insurance protects the business against lawsuits resulting from damages to users of the business’s product. For example, a kids’ toy company may want to buy insurance if it is worried that parts of its toys will be swallowed by children, which may lead to a lawsuit.
Error and omission insurance
This provides protection in the case that a business is to make a mistake or neglect to do something that later causes a customer some harm, and may result in a law suit. Example: A doctor's malpractice insurance.
Business income insurance
This insurance ensures the business gets paid in the case it loses income as a result of damage that shuts down or limits the business from operating for a specific period of time.
Auto insurance
provides a benefit to businesses that use cars, trucks, and other types of vehicles. In the case the vehicle is involved in an accident, auto insurance will usually pay for any liabilities or damages.
Learn more about business insurance
Types of business insurance
Benefits of business insurance
