Small Business Insurance Policies for Every Business

June 06, 2018

 
 

When a small fire breaks out on a business premises, most risk losing everything to water and smoke damage. In most cases, companies usually have an insurance cover that will cover the cost of the actual damage, however, what most neglect, is the business they will lose as they rebuild their businesses. Thankfully, there are numerous types of business insurance.

What some might find confusing though, is what is the best small business insurance policy for you to buy.

Below, we have compiled a list that covers some of the more popular types of business insurance policies and what they cover.

The best way to tell if they apply to your needs, is to give your insurance company a call. Our insurance agents here at Compare A Quote would be more than happy to answer any questions that you might have. We will offer you any assistance you need explaining both the coverage you get under different insurance policies as well as help you get a cover that will not break your bank.

Commercial General Liability Insurance

This type of insurance cover will protect you from any losses that might come about from injuries that your business will cause to other people. The injury could be classified as bodily harm, reputation, or even their property.

This type of insurance policy is very helpful when accidents occur on the business’ premises. In addition, to covering the damage mentioned above, the commercial general liability insurance can also cover claims of false advertising.

Worker’s Compensation Insurance

Worker’s compensation insurance is usually required by State law if you are hiring employees. This type of policy covers death benefits and workplace injuries. The cost normally varies widely and heavily depends on the occupation and industry of the workers. To ensure that your business has been classified correctly and that you are receiving the best price possible, you will need to contact a conversant insurance agent.

Employer’s Liability Insurance

This type of insurance forms the second part of Worker’s compensation insurance. The first part is dedicated to fulfilling your obligation under Worker’s compensation laws. It is designed to pick up the cost of work-injured employees’ lost wages and medical expenses.

On the other hand, employee liability insurance is responsible for covering any lawsuits that might come about because of the incident.

Business Income Insurance

This type of insurance is responsible for payroll costs, rent and lost sales. Using proceeds from business income insurance, a company is able to rebuild its business.

Commercial Property Insurance

This type of insurance provides a cover for the entire building as well as all the equipment that is housed in your office. Before getting commercial property insurance you will need to speak to an insurance broker. Otherwise, you might get penalized for underinsuring the property.

If you are in need of any of these insurance covers for your business, or would like to find out what other business insurance policies your company should consider taking, feel free to get in touch with Compare A Quote insurance agents.

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