Small Business Insurance; Recommended Policies for Business Owners and Contractors

There isn’t one business insurance policy that will cover all of the risks a company may go through. You need different types of business insurance to cover different accidents, lawsuits, and damages that can potentially harm a companies wellbeing.

Business insurance policies that cover common risks;

General liability insurance / business liability insurance;

General liability insurance or business liability insurance will cover your company from risks such as bodily injury, property damage, and advertising injuries. If you have a commercial lease, it may be a requirement. 

Business owners policy (BOP);

A business owners policy or BOP for short is a combination of commercial property insurance, and general liability insurance bundled into one convenient business insurance policy. This is always a great starter policy that will cover your business for multiple risks.

Professional liability insurance;

Professional liability insurance or Errors and Omissions insurance (E&O), will help to cover your business for legal expenses if a business is sued due to unsatisfactory work. 

Workers compensation insurance;

Workers compensation insurance often referred to as workers comp insurance is usually a requirement in most states. If you have at least one employee, there’s a good chance you’ll be required to carry workers comp. It’s a policy designed to protect you, your business and your employees. It will cover things such as medical fees and lost wages is someone is hurt, injured or becomes ill on the work site.

Cyber liability insurance;

Cyber liability insurance or data breach insurance is designed to protect companies from cyberattacks. It will help you to recover expenses and associated costs. 

How much does small business insurance cost?

There are a few factors that will help determine your business insurance premium. Below are a few of the more common items;

• Industry and risk factors
• Coverage limits
• Location
• Number of employees

Commercial auto insurance for small businesses

If you have company cars and business owned vehicles you’re required to carry commercial auto insurance.

Commercial auto insurance;

Business auto insurance or commercial auto insurance is usually required for business owned vehicles. It can help cover your company vehicles from theft, accidents and vandalism. 

Hired and non-owner auto insurance;

Hired and non-owner auto insurance (HNOA) will cover your business for liability in accidents that may happen while driving leased vehicles, rentals, and employee-owned cars used for company purposes. 

Business insurance for unique risks

If you have a business with very expensive equipment, a board of directors, or extra liability concerns it may be wise to look at additional coverage. You may also want to consider additional endorsements that will cover common exclusions. 

Commercial umbrella insurance;

Commercial umbrella insurance will provide additional coverage once another policy limit is reached. It gives a boost to the existing general liability and other liability policies you may carry. 

Commercial property insurance;

Commercial property insurance will cover the companies physical structure and the contents within the building such as equipment, inventory and furniture. 

Business interruption insurance;

Business interruption insurance will cover lost revenue, rent and other day to day expenses. It kicks in when an event forces a business to temporarily close.

Inland marine insurance;

Inland marine insurance provides property coverage for business material used in the field. It will pay for items that are lost, stolen or damaged. 

Product liability insurance;

Usually included in general liability, product liability insurance will cover injuries, and property damage caused by your product or service. 

Business insurance quote

As you can see there are many forms of business insurance coverage. This is why we believe the best way to get the coverage you need is to speak with a professional business insurance agent like the ones at Eugene C Yates Insurance Agency. 

The agent at Eugene C Yates have access to the best business insurance companies in the industry. On top of that they have working knowledge of all of the business insurance discounts available. This makes it easy for them to find you the best coverage at the lowest rate. 

To get a free business insurance quote, please give us a call today at 916 313 6100