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Home > Blog > What is the Best Insurance for a Small Business?
WEDNESDAY, OCTOBER 21, 2020

What is the Best Insurance for a Small Business?

Many business owners may think they face less risk the smaller their business is, but this isn’t necessarily true. Even small businesses can be at high risk for certain dangers and liability claims. 

One of the most common, convenient and affordable ways to insure a small business is to purchase a business owners policy.a woman sitting at a table using a laptop

 

What is a Business Owners Policy? 

A business owners policy (BOP) provides coverage for two basic parts of insurance:

 

  • General Liability: General liability insurance covers claims of bodily injury, property damage and personal and advertising injury filed against your business. For example, if someone is injured in your store, general liability insurance may cover their medical bills as well as protect your business from a lawsuit. 

  • Commercial Property Insurance: Commercial property insurance covers the physical assets of your business, such as a store or a warehouse, in case of loss or damage caused by fire, wind, hail, lightning, smoke, explosions, theft, vandalism and more. 

 

This is not the only type of insurance available under a BOP, however. BOPs are designed so that business owners can adjust the policy with coverages tailored specifically to your business and industry’s needs. 

 

What Can You Add to a Business Owners Policy? 

Additional coverages you may want to consider adding to a business owners policy include:

 

  • Professional Liability: Professional liability insurance covers claims against your business concerning professional negligence. If a specialized service leads to a customer losing money, professional liability insurance will cover your business in case of a lawsuit. 

  • Umbrella Liability: Umbrella liability insurance fills in the gaps left by the business’ other liability insurance policies. 

  • Commercial Auto Insurance: Commercial auto insurance covers vehicles owned or used by a business for work purposes. Full coverage commercial auto insurance policies may include comprehensive coverage, collision coverage, liability, medical payments coverage, uninsured/underinsured motorist coverage and more. 

  • Workers Compensation: Workers compensation covers employees who are injured on the job. This insurance may cover medical bills, wage replacement, disability benefits and more. 

  • Cyber Liability: Cyber liability insurance covers claims against the business concerning electronically stored information that is damaged, lost or breached. This covers cyber-attacks, information loss and expenses related to recovering data. 

  • Directors and Officers Insurance: Directors and officers insurance (D&O insurance) is designed to cover your key employees from claims about their actions while working for your business. This may include accusations concerning employment practices such as discrimination, wrongful firing or hiring, sexual harassment and more. 

Posted 11:27 AM

Tags: insurance, small, business, commercial, coverage
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