The Insurance Policies all Small Business Owners Should Have

Your business may be small, but it still faces some serious risks.  Learn which small business insurance policies you need to protect your business from every threat.

Unlike major corporations or big businesses, small businesses cannot handle the loss of business and the major expenses that come along with a liability issue or major lawsuit.  That’s why it’s so important to make sure that your company has the proper small business insurance protections in place.  Here are some of the most essential types of policies your small business should have.

1) General Liability Insurance

Every business, even home-based businesses, should have liability insurance.  This type of policy protects you if your products, services, or employees cause injury or property damage.  This type of policy will also provide coverage in case a liability issue turns into a lawsuit.

2) Property Insurance

You should also have property insurance to protect any buildings and equipment that belong to your business.  This type of policy will protect your business from physical threats such as vandalism, fire, theft, and other damages.  Additionally, this type of coverage also extends to any office equipment or supplies (computers, important documents, product inventory, etc.) kept on premises.

3) Worker’s Compensation Insurance

Any business that employs workers needs to have worker’s compensation insurance.  Worker’s comp covers the medical and rehabilitation costs of employees that become sick or are injured on the job.  Additionally, this type of insurance can also provide wage replacement to an injured employee who cannot work.  However, worker’s comp doesn’t just benefit your employees.  This type of insurance will also protect you and cover your legal fees should an injured employee decide to sue.

4) Business Owner’s Policy (BOP)

BOPs combine all the different types of insurance coverage a business owner needs.  For instance, it provides property insurance, commercial vehicle coverage, liability insurance, business interruption insurance, and crime insurance.  Oftentimes, you even have the ability to change your BOP package and choose the types of insurance your business need the most.  A BOP is a great insurance option if you don’t want to pay for a bunch of different policies individually.

We at PMC Insurance Group are experts on small business insurance and can help you put the proper policies in place.  Contact us today to learn more about getting competitive coverage for your small business clients.

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