Small business insurance is vital. This is true no matter what type of small business you own, it’s an important thing to have. It protects your assets, your employees and your customers. In addition, this protection can help you deal with other expenses that may come up and help you stay organized. This can be a great benefit for any type of business. Visit here for more information about Small Business Insurance Quotes.
But before deciding on the right type of small business insurance, it helps to understand just what some of these policies cover. Most types of policies that offer protection for small businesses will offer two to five different kinds of coverages. These policies will also vary in how much they will cost and what kinds of benefits they provide. Here are a few of the common coverages that small business insurance will offer:
General Liability. There are two main kinds of general liability. One is physical damage coverage, which covers things like property damage, bodily injury and advertising injuries. The other kind is also known as advertising damage coverage and this covers liabilities from ads that are placed on the company’s property.
Property Damage. When it comes to liability insurance for small businesses, property damage is probably the most common policy that is available. This kind of insurance will help protect against things like slander, libel and malicious prosecution and any other action that may be brought against the business. If a customer or client ever suffers damage in any way from your product or service, this type of insurance is important.
Professional Liability. A professional liability insurance policy will also help small businesses protect themselves from claims made against them by employees and contractors. While these two are different from each other, they do share some similar aspects. If your business has employees that are performing work within your establishment, you may need this particular insurance policy to ensure that you aren’t left liable for damages incurred by your employees or contractors.
Auto Insurance. Most small businesses will need to purchase property coverage through their auto insurance policy in order to protect themselves from losses related to vehicles that are insured under their business. The property coverage of auto insurance pays for damage that may be sustained by a customer or client that gets into an accident with your vehicle. This includes any damages that may incur from collisions, such as getting hit by your car or getting hit by something in your vehicle. This coverage can also help pay for damages that happen when a client or customer flee your shop and becomes injured.