What Type of Insurance Does My Small Business Need?

Starting and running a small business may expose you to equal parts financial opportunity and risk. One important step in building stability is making sure you have the right insurance coverage in place. While every business is unique, there are several types of insurance that many small business owners often consider.

General Liability Insurance

General liability insurance is often seen as a foundational policy for businesses of all sizes. It may help cover costs if someone is injured at your workplace or if your operations cause damage to another person’s property. It can also assist with certain claims related to personal injuries and reputational harm, such as libel or slander.

Property and Auto Coverage

If your business owns a building, equipment or inventory, commercial property insurance may help repair or replace them after covered events, such as fire or storms. For those relying on vehicles, commercial auto insurance may help pay for damages or injuries resulting from accidents involving cars or trucks used for business purposes.

Employee-related Coverage

Businesses with employees may need workers’ compensation insurance. This coverage can help with medical expenses and lost wages if an employee is injured while working. Depending on your business, you may also explore options such as group health plans or disability coverage to support your team.

Specialized Options

Some small businesses benefit from specialized coverage. For example, professional liability insurance (also known as errors and omissions insurance) may help cover claims of negligence related to professional services. Cyber liability insurance is another option that can assist with costs tied to data breaches or cyberattacks, which are increasingly common risks for businesses of all sizes.

Learn More

Choosing the right insurance mix depends on your operations, industry and growth plans. Contact us at our office today to explore small business insurance options with Jack L. Bonus Insurance Agency.

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.