Businesses that have inventory, use tools, or have office equipment of any sort will want to have this type of coverage. It protects against damage or loss to property covered by the policy. Some insurance companies include business interruption coverage with this type of policy if that interruption is a result of a company’s inability to use property for critical business operations.
Worker’s Compensation Insurance
The exact type and amount of coverage needed is often dictated by state law. When you have paid employees, you are required to maintain some level of worker’s compensation insurance which covers medical expenses as well as lost wages to employees who are injured on the job.
Cyber Security Coverage
Businesses that have online stores or use virtual workspaces for routine business operations are at higher risk for cyber attacks. This type of coverage can protect your business if you experience a data breach or any other sort of cyber attack.
Commercial Auto Insurance
Businesses use vehicles for a variety of reasons. You may have to make deliveries or drive from one business work site to another. When you own company vehicles you need to have this coverage. If you do not own vehicles but your employees drive personal vehicles to conduct company business, you can purchase non-owner auto insurance to protect your business if they are involved in an accident or otherwise cause injury or damage while working for you.
Business Owner Policy (BOP)
This is a bundled policy that packages every type of coverage a business owner needs. A typical small business insurance policy includes liability, property, auto, and business interruption insurance. Most insurance companies allow you to decide which types of coverage to include in your BOP. By bundling your coverage, you can save significant money on small business insurance premiums.