by The Hartford
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Every small business owner needs insurance to help make sure you’re protected against all the different types of risks your business faces. But what exactly should you choose for coverages? Every business is unique, but you should be sure to have:
General liability insurance (GL), sometimes called general liability business insurance or business liability insurance, helps protect your business from liability claims alleging: Bodily injury, Property damage, Libel, or Slander
Commercial Property Insurance helps protect the building your business owns or leases as well as your business personal property, including tools and equipment, inventory, and furniture. A commercial property insurance policy includes coverage for assets like accounts receivable, computers and lost income for when business operations are suspended due to a covered loss.
Workers' Compensation Insurance:
Workers’ compensation insurance (also known as workman’s comp insurance) provides benefits to employees for work-related injuries or illnesses including medical care, wages from lost work time, and more. Workers’ compensation insurance covers a deceased worker's family with a financial benefit as well. If a worker's family decides to sue the company, it can also help cover the related legal fees.
Commercial Auto Insurance:
Commercial auto insurance helps cover the costs of an auto accident if you or an employee is at fault. This coverage can help pay for damaged property and medical expenses – even in the event of a fatal accident.
You’ll also want to think about the tools, equipment, materials, and technologies you need to keep your business running. Do you know what types of insurance cover them and how much you need? This is where many small businesses struggle. Our specialists can walk you through the right coverages and limits for your business.
Without the right small business insurance, you’d have to cover the costs of liability claims on your own. And when you consider that the average paid liability claim is $15,000, you know that can be hard for a small business to cover. That’s why a Business Owner’s Policy (BOP) is good to have.
A BOP combines business property and business liability insurance into one policy. We can then help you customize your policy to fill in any gaps that your BOP doesn’t cover. You can count on us to make sure you’re prepared for accidents, liability lawsuits and any damaging weather that comes your way.