Where To Get Business Insurance – What insurance do you need for your small business? We hear this question often, but there is no simple answer. That’s because the types of business insurance you need for your small business depend on what your company does and where you’re located. In fact, state laws require certain small business insurance policies, and it’s up to you to provide them. adequate coverage
Without the right type of small business insurance, you may have to pay claims out of pocket. Many small businesses do not have the resources or capital to cover claims, which means they may not survive. That’s why small business insurance is an important investment in protecting your business.
Where To Get Business Insurance
Liability insurance helps protect your business against claims that cause bodily injury or property damage to someone else. For example, when a customer comes into your store, this coverage can help pay for their medical expenses. Liability claims for work performed outside of your location may also be covered by coverage called product handling insurance.
What Is Business Personal Property Insurance?
Many small business owners also obtain general liability insurance that includes product liability coverage. This can help protect their products against claims for personal injury or property damage.
Professional indemnity insurance helps cover claims related to errors in the professional services your business provides. Let’s say your accounting firm made a mistake on a client’s financial statement and has to pay a fine. If your business is sued, professional indemnity insurance can help cover your legal costs. Investing in this coverage will help you save money on claims costs. This coverage is also known as errors and omissions insurance or E&O insurance.
Business income coverage, also known as business interruption insurance, can help compensate for lost income if you are unable to work due to damage to covered property. Includes damage from fire, storm or theft.
Commercial property insurance helps protect the building you own or rent and the equipment used to operate it. So, if someone breaks into your building and steals your business computers, commercial property insurance can help cover replacement costs.
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Workers’ compensation insurance provides benefits to employees when they suffer a work-related injury or illness. For example, if an employee develops carpal tunnel syndrome due to years of typing and poor ergonomics, this insurance can help pay for medical expenses. Most states require businesses to have this coverage if they have employees.
Commercial auto insurance helps cover property damage and personal injury claims if you or an employee are involved in an accident while driving a company vehicle for business. So if your employee drives off the road while making a delivery and crashes into a mailbox, this insurance can help pay for the damage.
Data breach insurance helps your business respond to a breach if personal information is lost or stolen. This will help cover your costs:
Commercial umbrella insurance extends the limits of some of your business’s liability policies. So if the costs of a claim exceed your policy limits, commercial umbrella insurance can help cover the difference.
Why You Need Small Business Insurance
Workers’ liability insurance, also known as employer’s liability insurance, helps protect your business against employment-related claims. This includes claims for:
11. Hazard Insurance Small business hazard insurance is another name for commercial property insurance. This helps protect property owned or leased, such as your building and equipment.
The quick answer is yes. Most businesses require small business liability insurance. But there are several types of liability coverage to choose from. The most common are general liability and professional liability.
Getting the business insurance you need is no different than protecting your home with homeowners insurance; both are among the most important investments you will ever make.
Best Options For Buying Small Business Insurance In 2023
Combining insurance with a surety bond can increase your protection. To learn more about the business insurance you should have, get a quote today.
We make it easy to customize your policy to get the best small business insurance coverage you need. If you need to further customize your basic coverage, insurance riders can help you do that.
The actual types of insurance and whether you need additional coverage depend on what your company does and the laws of the state where you are located.
If you’re still wondering, “Do I need insurance for my small business?” The answer is yes. Most small businesses need some form of insurance to protect against a variety of risks, such as:
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Without insurance, you will have to pay out of pocket for claims against your business. Having to pay these expenses out of pocket can result in serious financial losses that can shut down your business. For over 200 years, we’ve been helping small businesses like yours and making sure you get the insurance you need. Help us make sure you’re protected. Get a small business insurance quote today.
The Hartford is not responsible for any damages resulting from the use of the information provided on this page. Please consult your insurance agent/broker or insurance company to determine specific coverage needs as this information is educational in nature.
The information contained on this page should not be construed as specific legal, personnel, financial or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage decisions will depend on the policy and the possible payment of the claim will be determined after the claim is investigated.
Some coverage varies by state and may not be available for all companies. All Hartford insurance policies and services described on this page may be offered by one or more of Hartford Financial Services Group, Inc.’s property and casualty insurance subsidiaries listed in the Legal Notice.
What Insurance Do You Need For A Small Business?
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Business owners need business insurance. Most states require business owners to carry at least liability insurance. But you can’t walk into an insurance agency and say, “I’d like to insure a business, please!” That’s because there are almost as many types of businesses as there are businesses, and one size doesn’t fit all.
Small Business Insurance
Business insurance is a general term for a number of types of insurance that cover the financial losses of your business. Under the policy, business insurance covers everything from property damage, legal liability, medical expenses, and more.
1. General Liability Insurance 2. Workers Compensation Insurance 3. Commercial Property Insurance 4. Professional Liability Insurance 5. Commercial Auto Insurance 6. Products Liability Insurance 7. Business Owner’s Policy (BOP) 8. Public Liability Insurance.
Liability insurance protects you against business-related claims. If someone is injured on your business property or if you damage someone else’s property, this insurance covers the cost of your defense and subsequent losses. Any business that works directly with customers requires shared responsibility.
For example, suppose you own a retail store. A customer slipped and fell on your doorstep and broke his arm. They sue you for personal injury and the court awards them $100,000 in damages. If you have liability insurance, your insurer will pay for the damage and cover your legal costs.
Why Is Business Insurance So Expensive?
Workers’ compensation insurance, or “workers’ compensation” for short, covers medical expenses and lost wages when an employee is injured while on the job. In some cases, it also covers your legal defense costs if an employee sues you. Sometimes disability insurance is included in workers’ compensation.
Let’s say you have a small clothing line. If one of your workers is injured while sewing, workers’ compensation insurance will cover medical expenses and lost wages.
Any business with employees needs workers’ compensation insurance. It is mandatory in all states except Texas for non-employee-owned companies. Four states require you to purchase a government policy rather than a private carrier.
This type of business insurance protects your business assets from damage or theft. If your office is damaged by fire or your computer equipment is stolen, this insurance will reimburse you for repair or replacement costs, as well as lost income. Any business with physical assets requires commercial property insurance.
Protect Your Business With Customized Commercial Insurance Coverage
For example, suppose you own an accounting firm and your office is robbed. Thieves steal your computer, printer and office furniture. If you have commercial property insurance, your insurance will reimburse you for repair or replacement costs, as well as lost income while your team was unable to work due to the loss of equipment.
Also known as errors and omissions, this type of insurance protects businesses against the costs of damages or injuries that occur as a result of professional services provided by the business. When you provide a service to your customers, so do they