Kinds of Small Business Insurance That You Should Watch Out For!
There are different kinds of small business insurance available in the market now. Robert O. Mable Agency provides small business insurance policies in Walton, Hobart, Oneonta, Margaretville, NY, Andes, NY, Delhi, NY and surrounding regions.
This is a concise guide on the essential types of small business insurance you should consider:
- General Liability Insurance
This covers legal expenses related to bodily injury, property damage, and advertising mistakes. It’s essential for most businesses to protect against common lawsuits.
- Professional Liability Insurance (Errors & Omissions Insurance)
If your business provides professional services, this insurance covers claims of negligence, mistakes, or failure to deliver promised services. It’s crucial for consultants, freelancers, and service providers.
- Business Owner’s Policy (BOP)
A BOP bundles general liability insurance and property insurance into one policy, often at a lower cost than purchasing them separately. It’s ideal for small business owners looking for comprehensive protection.
- Workers’ Compensation Insurance
If you have employees, this insurance is typically required by law. It covers medical expenses and lost wages if an employee gets injured on the job.
- Commercial Property Insurance
This protects your physical business assets, including buildings, equipment, and inventory, from damage caused by fire, theft, or natural disasters.
- Commercial Auto Insurance
If your business uses vehicles for deliveries or transportation, this policy covers accidents, property damage, and liability claims related to company-owned vehicles.
- Cyber Liability Insurance
With rising cyber threats, this insurance covers data breaches, hacking incidents, and financial losses caused by cyberattacks. Essential for businesses handling customer data online.
- Product Liability Insurance
If your business manufactures or sells products, this insurance protects against claims related to defective or harmful products.
- Business Interruption Insurance
In case of unexpected disruptions like fires or natural disasters, this policy covers lost income and operating expenses during downtime.
Having the right insurance helps protect your business from financial losses and legal troubles. Carefully assess your business risks and choose coverage accordingly. Would you like to discuss? Please give us a call, or email us!