I'm a small business owner with Commercial Vehicle insurance. What other insurance products do I need?
Owning a small business takes commitment, passion and hard work. If you have already decided to insure your commercial vehicles, you have taken a step in the right direction, but did you know there are other important types of coverages you might need as a small business owner?
- Business Owner’s Policy (BOP): A BOP policy can bundle together two of the main coverages needed for a small business: property and liability. The commercial property coverage can protect your property if it is stolen, damaged or lost. The commercial general liability coverage can protect you when a person is harmed by something your business does or doesn’t do. We will break down these two types of important coverages next.
- Commercial Property Insurance: This type of insurance can cover both your physical building and any personal property for your business, including computers, office equipment, and tools. Besides protecting your property from theft, a commercial property insurance policy may also offer coverage for damage after a disaster such as a fire. If this is a large concern for you, it may be important to consider buying Business Interruption insurance, can offer coverage to protect you financially if your business is forced to temporarily shut down after being damaged by a disaster.
- Commercial General Liability Insurance: If a third party is injured or has property damage while at your business, and your business is legally at fault, a commercial general liability policy can cover their damage costs, medical bills, and any legal fees. Professional Liability insurance, or Errors and Omissions Insurance, can be added to your policy to protect your business from a lawsuit by a dissatisfied customer. This type of insurance is important for your business if you provide a service or advice to your customers.
- Worker’s Compensation: The laws are different in each state, but in all states, you must have worker’s compensation benefits if you have W2 employees. This type of insurance can cover your employee's lost wages and medical bills after a work-related accident. The policy can also keep your employee from being able to sue you for said accident.
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