What Types of Insurance Does My Business Need?

Many small businesses purchase insurance to mitigate financial losses from various risks, including bodily injury, property damage, vehicular accidents and lawsuits. Without business insurance, you’ll need to cover any claims made against your business out of pocket.

What Factors Should I Consider Before Buying Business Insurance?

It’s crucial to consider several factors before purchasing business insurance. Here are some questions to keep in mind:

• What types of coverage does my business need?

• What insurance is legally required in my industry and location?

• What specific risks might my business face?

• How much coverage should I get?

What are the Different Types of Business Insurance?

Business insurance policies may be tailored to cover different risks. Some of the essential coverages to consider include the following:

• Commercial property insurance may cover buildings, equipment and other physical assets following events like fire or theft.

• Business interruption insurance may cover lost income and operating expenses if your business operations had to stop temporarily due to covered events.

• General liability insurance may provide financial assistance if your business caused bodily injury or property damage to a third party.

• Professional liability insurance may cover professionals and businesses from claims arising from mistakes, negligence or failures in the services they provide.

• Workers’ compensation insurance may provide medical and income benefits to employees who experience work-related injury or illness.

• Directors and officers insurance may cover the personal assets of executives and board members following claims of wrongful acts while overseeing the business.

• Employment practices liability insurance may cover employment-related claims, including discrimination, harassment and unpaid wages.

• Umbrella insurance may provide additional coverage beyond the limits of your other business policies.

Get the Right Business Insurance

Nijjar Insurance Services in Santa Maria, California, offers tailored business insurance policies at reasonable prices. Contact us today to learn more or get a personalized quote.

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.