Small Business Insurance
All businesses face unique risks that could potentially disrupt operations and finances. For small businesses, these risks may be especially pronounced, as smaller organizations don’t have the financial resources to absorb costs as well as larger companies. It’s important for small businesses to take a considerate approach when determining their small business insurance needs.
Small Business Insurance Explained
Small business insurance generally refers to various coverages that work in tandem to protect different aspects of an organization. Coverage options may resemble the commercial insurance policies of larger businesses but are scaled accordingly. A small business insurance policy can help cover daily risks that could cause considerable financial strain if paid out of pocket.
Small Business Coverage Options
Policies are largely customizable for small businesses, tailored to their unique needs. Consider the following options:
- Commercial property coverage can help cover business assets, such as equipment, inventory and buildings.
- General liability insurance can help cover third-party claims, such as injuries, property damage and personal injuries (e.g., claims of copyright infringement or libel).
- Business interruption coverage can help cover business expenses such as payroll and rent at a temporary location if a covered event halts operations.
- Workers’ compensation insurance can help cover employee injuries or illnesses.
- Commercial auto insurance can help cover vehicles used for business purposes.
Notably, certain small businesses may qualify for a business owners policy (BOP). A BOP combines property, general liability and business interruption coverages into a convenient package.
Choosing the Right Coverage
Small business insurance policies can vary significantly even between similar enterprises. It’s important to consider unique risk exposures that may necessitate coverage. For instance, commercial auto insurance and workers’ compensation insurance may be required by law in some cases. Similarly, general liability insurance may be required by commercial lease agreements.
For help determining the right insurance for your small business, look no further than Hall-Green Agency Our experts can evaluate your operations and recommend affordable coverage options that suit your needs and obligations. Contact us today to get started.