The most common of these are general liability and professional liability, general liability insurance, professional liability insurance, and workers' compensation insurance. Business interruption insurance, also known as business income insurance, is one of the most common types of coverage most small businesses need. If a disaster occurs (such as a fire, flood, robbery, building collapse, or civil authority incident) and your business must close for a period of time, business interruption insurance will help cover lost revenues or operating expenses, such as mortgages or rent, payments for loans, taxes and payroll. Business interruption insurance can be included in your BOP.
All small businesses need general liability insurance. This liability policy provides protection against common customer or customer incidents, including bodily injury, property damage, and personal injury. An accident involving a customer can result in huge legal fees and medical expenses, making it an important policy for any business. Frankenmuth Insurance 1 Mutual Avenue Frankenmuth, MI 48787. Select your profession from the list below for details on the types of insurance your small business might need.
This coverage protects your company if a product causes damage or injury to a third party, or if your company faces a lawsuit related to a product. But what are the most common statements? And what insurance coverages can help protect your small business? Small businesses should seek cyber insurance to protect themselves from losses caused by cyber attacks such as ransomware, viruses and data breaches. If you're self-employed and driving your personal vehicle for business purposes, you may be covered by your personal auto insurance. When buying insurance for small businesses and comparing policies, keep in mind that your rates will depend on the specific characteristics of your business.
If you own your car, truck, or van and only use it occasionally for work, you may be able to get by with standard personal car insurance designed for business use. For example, California businesses should consider earthquake insurance because of the high probability of an earthquake occurring. Alex Roje, partner at Lathrop GPM, said that every small business owner must evaluate their specific needs and responsibilities to develop the combination that best protects their business. Small businesses with loans or credit cards can purchase credit insurance, also known as payment protection insurance.
And with the increase in computer piracy, cyber liability insurance is important to pay for recovery costs in the event that your company's computer network is attacked by thieves. Property insurance coverage ranges from basic to comprehensive (and price scales reflect this), although small and medium-sized businesses with physical assets often need some form of this coverage. Equipment, it is vital for companies to apply for insurance because it will help cover the costs associated with property damage and liability claims. If your company belongs to the design and construction industry or construction management, you must purchase some type of professional liability insurance for contractors.
General liability insurance pays for legal costs, such as hiring an attorney and any judgment against you and your company. Crime insurance can protect your company from financial losses caused by criminal activities, such as computer and fund transfer fraud, employee dishonesty, counterfeiting and alteration, loss of money and securities, and theft of your customers' property. .