Essential Coverage Every Small Business Needs

Running a small business involves dealing with different types of potential threats that could disrupt operations or hinder your company’s growth and profitability. That is why many business owners invest in business insurance. This policy may protect your company from financial setbacks, allowing you to focus on growing and managing your business.

What Is Business Insurance?

Business insurance is a policy that may protect your small business from financial losses following various mishaps. It may cover expenses related to accidents, property damage and lawsuits, including repair costs, medical bills and legal fees arising from your business activities.

What Does Business Insurance Cover?

Business insurance policies are flexible and can be customized to meet your organization’s specific needs. The most popular types of coverage include the following:

• General liability insurance may address costs related to bodily injury and property damage caused by your product or operations.

• Property insurance may cover business assets, such as buildings, equipment and inventory, from risks like theft or fire.

• Workers’ compensation insurance may provide medical and wage benefits for employees who experience work-related injuries and illnesses.

• Professional liability insurance may cover lawsuits involving claims of professional mistakes or negligence.

• Commercial auto insurance may financially cover vehicles used for business purposes following accidents or damage.

• Cyber liability insurance may cover legal and recovery costs following cyberattacks and data breaches.

• Directors and officers insurance may provide financial aid for executives and board members facing business-related lawsuits.

• Commercial umbrella insurance may provide additional liability coverage for claims exceeding the limits of other policies.

Secure a Policy Today

Contact Dan Smith Insurance Agency Inc. to find affordable business insurance options. Our team is ready to help you build the optimal policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.