What Types of Insurance Does a Business Owner Need?

Every small business owner needs insurance to help make sure you’re protected against all the different types of risks your business faces. But what exactly should you choose for coverages? Every business is unique, but you should be sure to have:

• General liability and property insurance
• Workers compensation insurance if you have employees
• Business auto insurance if you or any employees use vehicles for work purposes

You’ll also want to think about the tools, equipment, materials and technologies you need to keep your business running. Do you know what types of insurance cover them and how much you need? This is where many small businesses struggle. Our specialists can walk you through the right coverages and limits for your business.

Without the right business insurance, you’d have to cover cost of liability claims on your own. And when you consider that the average paid liability claim is $15,000, you know that can be hard for a small business to cover. That’s way a Business Owner’s Policy (BOP) is good to have. 

A BOP combines business property and business liability into one policy. We can then help you customize your policy to fill in any gaps that your BOP doesn’t cover. You can count on us to make sure you’re prepared for accidents, liability lawsuits and any damaging weather that comes your way. 

Do I Need Liability Insurance for My Small Business?

Liability claims are a risk every business faces, which is why getting the right business liability insurance is essential. The two most important one are:

• General liability insurance to help pay for lawsuits that claim your business caused bodily injury or property damage
• Professional liability insurance to help cover lawsuits that claim you made errors or omissions in the services your business provides

Your professional liability coverage also helps cover clerical mistakes, including those made by your employees. For instance, if your receptionist at your travel agency books the wrong flights professional liability insurance cna help cover the cost of the claim. 

Information provided by The Hartford.

To learn more about the right coverages for your business contact G & H Financial Insurance today at 281-395-5497.