Commercial Insurance for Small Business
Whether you are running a fortune 500 company with thousands of employees or a small business with only a handful, insurance is not something you will be able to do without. There are a variety of different insurance policies tailored to fit whatever needs you may have. If you are a small business owner, there will be a specific amount of coverage needed for a number of things. You can speak with your insurance broker to be sure you are adequately covered in all aspects of your small business. Following are some of the types of coverages you may need.
First Line of Defense - General Liability Insurance
General liability is the type of insurance that covers any injuries which may be caused by you or a third party you are doing business with. If someone should ever file suit against your company for an incident that has occurred either on your business property or on a job site, your general liability insurance will catch the cost of attorneys and any other expenses that you may incur as a result of defending your company and settling the law suit. While a general liability will cover the most common situations, such as any injury that may happen on your property, there are more specific forms of liability that you may wish to carry.
Malpractice Insurance – Professional Liability
You may hear this type of insurance being referred to as either malpractice insurance or professional liability insurance. In any case, it is a great add on to any small business commercial insurance policy. While there are some insurance companies that shy away from offering this type of coverage, there are a number of companies that still do. Make sure your insurance company offers professional liability- omissions and errors coverage. This type of policy will help cover and incident in which a person was injured in anyway due to a mistake that did not involve negligence but rather an inadvertent error. With the element of human error working against us at times, this sort of coverage is all that much more important to have.
Additional Coverage – Commercial Umbrella Insurance
In many cases, an umbrella policy will be required, depending on the type of business you run and the company you wish to do business with. For example, if you are a vendor and you have bid on a large scale project at a high rise building, the property management group for your prospective job may insist you have an umbrella policy that covers up to five million dollars. This is because your general liability may only cover you for a million. Your umbrella insurance will kick in and cover anything above and beyond what your liability insurance does in the event of a major claim.
When choosing an insurance policy for your small business, be sure that you understand all of the details within the policy and that you know exactly where you are covered and where you are not. Things like workers comp insurance and high rise insurance are just some of the other types of insurance coverages you may need at any given time. Business auto insurance is an absolute must if any vehicles will be used for business purposes. Personal auto insurance will not cover losses sustained during the operation of business activities. A good insurance broker will help you determine which types of coverage you need and help you to get the products you need at a price that is reasonable for your business.