Business Insurance Basics

Opening up a small business can be both an exciting and stressful time. There are so many things to keep track of, so many expenses. One thing you should keep an eye on, though, is your business insurance. Here are a few quick coverages you should consider adding to your business insurance policy.


Business Property Insurance

This policy covers any property owned, rented, or leased by your business. It covers everything from buildings to furniture. It also covers things such as important papers and records.


Business Liability Insurance

Can cover your business in the event that you are sued for injury or property damage. It can also cover cost of defense as sometimes businesses get sued even when they are not at fault. Experts recommend the most broad policy for this.


Worker’s Compensation

Takes care of the cost of employees who sustain a work-related injury. This includes their medical costs, wages, and more.


Business Auto

This type of auto insurance covers the costs of an accident if you or an employee are at fault.


Loss of Income

Covers rent and wages if you fail to operate your business.


Key Person Insurance

Covers expenses if the head of the business is unable to work or passes away.


Cyber-Crime Insurance

Policy offers protection from the risks of using the internet.


These are just a few of the common policies that business owners choose to include in their policies. The amount and type of business insurance varies from person to person, so it is important to have a sufficient understanding of everything insurance companies have to offer and what your type of business may need.


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