As a small business owner, picking out the right insurance policies for your company can be a frustrating and time consuming process.
In order to make it easier, below is a list of the top types of business insurance that most small businesses secure.
If you better understand the policy types and what each type of coverage does, you can make a decision on your company's insurance needs much faster and easier.
More research should be done on your part to learn the nuances on the coverage types you decide are right for your company.
1) Liability.
There is public liability and straight business liability.
Both protect your company, and the small business owner personally, from lawsuits stemming from people that claim your goods or service damaged them in some way.
2) Business Contents.
Whatever is in your office, warehouse, or storage area that you need to run your business will be covered in case they are destroyed by fire, natural disaster or theft.
3)Commercial Auto.
Coverage for the vehicles that are owned by your company and used for business purposes.
4)Workers Compensation.
Coverage for your employees in case they are hurt while working, and are unable to work for an extended amount of time because of the injuries they incurred.
5)Group Health.
Health insurance for your employees.
6)Group Life.
Life insurance for your employees.
7)Professional Liability.
This is for professionals like doctors and lawyers who run their own private practices and could be sued for malpractice.