No matter how small your business is, you need one type of insurance or another to protect it against any unforeseen risk or danger. Unfortunately, some small business owners consider taking out insurance for their small business as a waste of money due to their ignorance. They have forgotten that as soon as insurance is taken, all liabilities have been passed to the insurance company through regular payment of premium. This article will examine some of the insurance policies you can take out for your small business at a glance.
The General Liability Insurance
In a situation where you, your products, services or employees have caused or alleged to have caused Property Damage or Bodily Injury to a third party, general liability insurance policy provides both damages and defense. Liability insurance is important to all small businesses.
Property insurance will protect all your assets, like computers, building, office equipment, inventory among others from theft, vandalism, smoke damage and so on.
BOP – Business Owner’s Policy
This type of insurance will include; crime insurance, liability coverage, vehicle coverage, business interruption as well as property insurance. In other word, you can alter what is included in a business owner’s policy, based on your organization’s specific needs. You will save money for your business if you opt for a BOP policy for the fact that the lots of services always cost below the total cost of all the individual coverage’s.
Commercial Auto Insurance
This type of insurance policy will protect all the vehicles of your small business. You can insure your vans, SUVs, trucks, work cars from collisions and damage with commercial auto insurance. On the other hand, you can take out the non-owned auto liability to protect your business, if you don’t have company vehicles, but employees drive their own cars on company business.
This type of policy will protect employees from injury in the course of their duty. Worker’s compensation policy offers medical and wage replacement benefits to workers that sustain injury while working. It is imperative to have workers compensation insurance as it exonerates you and your company from legal complications.
The homeowner’s insurance policy is the type of insurance policy that will protect against damage to your home and the items therein. In addition, this type of insurance cover may protect you from all accidents that occur at home or may have happened through your action. It is considered one of the most imperative types of insurance you require for your business.