Imagine losing everything to smoke and water damage when a small fire breaks out at your business. Most companies have insurance to cover the actual cost, but what about the loss of business while you rebuild? There are many different types of small business insurance, so how do you know which are the best small business insurance policies to buy?
5 Best Small Business Insurance Policies
We have compiled a list of some of the more popular types of business insurance and what they cover. The best way to tell if they apply to your needs is to call your insurance agent. They can help you with both coverage and cost.
Commercial General Liability Insurance
Commercial General Liability Insurance covers injuries your company causes to other people’s bodily injury, property or reputation. This type of policy comes into play when there are accidents on the premises or damage as a result of services. It can even cover claims of false advertising.
Worker’s Compensation Insurance
If you hire employees, then Workers’ Comp is required by state law. This type of policy covers workplace injuries and death benefits. The cost will vary widely depending on the industry and the occupation of the workers. To make sure you are classified correctly and receive the best price possible, contact a commercial insurance agency.
Employer’s Liability Insurance
Employer’s Liability Insurance forms the second part of a Workers’ Compensation Insurance policy. The first part fulfills your obligations under Workers’ Compensation laws. It picks up the cost of work-injured employees’ medical expenses and lost wages.
The second part, Employee Liability Insurance, covers any lawsuits that might arise from the incident.
Business Income Insurance
Business income insurance pays for lost sales, rent, and payroll costs after an accident. This money gives you time to rebuild your business.
This type of policy also pays the rent on a temporary office or for equipment so you can continue to do business while you rebuild.
Commercial Property Insurance
Commercial Property Insurance covers your building plus all of the equipment in your office. You need to speak to a broker need to discuss coverage amounts so that you don’t get penalized for underinsuring your property.
Finding A Commercial Insurance Agent
For a free quote call us today at (800) 262-9998 or connect with us online.