Are you a small business owner? Are you wondering what kind of insurance you need? Depending on the business you’re in, the answers to that question can vary. Here, we’ll take a broad look at the most well-known types of commercial insurance out there to give you a better idea of what’s available and what you may need.
Every day, your success can be impacted by a number of circumstances. Commercial insurance helps protect your business against many risks. For example, the well-being and reputation of your organization can be protected by certain insurances. Others concentrate on financial aspects and safeguards. A multitude of employees, stakeholders, and more are protected by commercial insurance, which differs from personal insurance. Higher limits of coverage frequently apply to commercial insurance.
The building in which your business is contained, and the contents therein, is covered by commercial property insurance. Additionally, if your business income is impacted by natural disaster, theft, fire, etc., it can also be protected. Property coverage types:
- Open peril
- Named peril
This type of insurance is designed to cover associated legal fees and potential medical costs. As an example, let’s say you or your employees failed to do something or did something that resulted in a customer being injured at your place of business. This type of coverage would prove invaluable. Also, libel, copyright infringement, and other types of “advertising injury” are covered.
Workers’ Compensation Insurance
The added expense of Workers’ Comp is something many small businesses mistakenly convince themselves they don’t need. This couldn’t be further from the truth. They assume they can pay out of pocket if and when an on-the-job injury ever occurs – though they seem to assume it never will. For any small business, however, one absolute necessity is Workers’ Compensation insurance.
Before you even realize it, thousands of dollars can turn into millions when the topic of damages for injuries occurring in the workplace come into play.
Business Interruption Insurance
The flow of your business can be interrupted by computer hacking, issues with the local electrical grid, major storms, etc. Throughout the incident, however, you can be confident that the insurance-provided protection for your business will help keep you afloat with business interruption coverage. During covered events, this coverage helps guard your business and can help in a couple of ways:
- Provide funds for a temporary alternate location operation.
- Replace money you would normally have made.
Commercial Auto Insurance
Granted, it’s expensive to employ workers and offer stability, excellent benefits, and fair wages. There are a lot of expenses involved in small business. So, is commercial auto insurance really necessary? The answer is, “Yes!” It’s just smart business to medically and financially protect your workers and equipment.
Other Types of Commercial Insurance
The following are other types of commercial insurance that are frequently purchased by and for small businesses:
- Crime Coverage
- E&O (Errors and Omissions Insurance)
- D&O (Management Liability Insurance)
- Cyber Liability Insurance
- EPLI (Employment Practices Liability Insurance)
Does Your Small Business Need Commercial Insurance?
If your small business needs commercial insurance, but you’re not sure where to begin, we can help.
K&N Brokerage offers superior knowledge and experience, excellent customer support, customization, speed, and timely assistance. Our focus is to be helpful to our clients while building strong relationships.
Contact us today if you’d like to learn more.