Essential Business Insurance for Small Businesses

As a small business owner, you face many risks that could impact your company’s success. Unforeseen incidents, such as property damage and legal claims, can significantly affect your operations. With business insurance, you can help protect your company from financial losses, allowing you to focus on growth and day-to-day operations without constant worry.

What Is Business Insurance?

Business insurance often refers to several types of policies that may cover various potential risks your company might face. This combination of insurance may financially protect against losses caused by property damage, accidents or lawsuits. It may cover costs such as repair bills, medical expenses and legal fees that could arise during your business activities.

What Is Covered?

Business insurance can be customized to include several types of coverage, depending on your business needs. Some essential types of coverage include the following:

• General liability insurance may provide financial aid following accidents, injuries and damage that occur on your business premises or due to your operations that affect third parties, such as customers and guests.
• Property insurance may cover your business assets, including buildings, equipment and inventory from theft, fire or other covered perils.
• Workers’ compensation insurance may provide medical and wage benefits for employees injured on the job.
• Professional liability insurance may help against lawsuits related to professional negligence or errors made while performing a job.
• Commercial auto insurance may cover vehicles used for business purposes in case of accidents or damage.
• Cyber liability insurance may cover businesses against losses related to data breaches, cyberattacks and other digital security incidents, including the costs of data recovery, legal fees and customer notification.
• Directors and officers (D&O) insurance may reimburse legal settlement costs of executives and board members if they are named in business-related lawsuits.
• Commercial umbrella insurance may provide additional liability coverage beyond the limits of primary policies, such as general liability or commercial auto, for larger claims.

Get Coverage for Your Business

Contact R.M. Price Insurance Agency today to learn more about your options and how we can help secure ideal coverage for your business.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.