What Types Of My Small Business Insurance Exist?

If you own or operate a small business, you already know how much work is involved in providing an excellent customer experience as well as ensuring that money comes in, the business stays profitable, and everything runs smoothly. Unforeseen expenses and problems can always arise to derail even the best laid plans, and it is during these times that small business insurance becomes vital. Small business insurance can cover expenses in drastic, unplanned-for situations and allow a business to remain solvent or get back on its feet after a problem. There are several types of small business insurance that you should know about.
Property Insurance
One type of insurance available to small businesses is property insurance. Much like your homeowner’s insurance, property insurance covers the physical property of the small business in case of fire, flood, or other damages. You can also purchase property insurance that will cover losses from crimes, as well as damage to outdoor signage and other incidental items. Many small businesses have inventory, which is the largest part of any businesses’ assets, and this inventory and the property you operate the business from are worth protecting.
Health Insurance
There are several types of small business insurance relative to employees and their health, safety and employment. The most common of these is health insurance. Providing affordable health insurance for your employees is an excellent way to attract skilled, competitive worker. Health insurance is one of the most-sought benefits by potential employees, so being able to provide it for your staff means that your small business will be an attractive employer.
Business Interruption Insurance
An additional form of insurance that many small businesses do not consider as often as they should is business interruption insurance. This type of insurance will provide income in the case of a catastrophic incident or accidental occurrence that causes the business to be unable to operate for a period of time. To use an example, if your business burns down, business interruption insurance offers you the income needed to pay monthly bills and salaries until the property insurance is received, allowing you to rebuild the location and restock the shelves.
Liability Insurance
Liability insurance is another type of small business insurance. This type of policy will protect you if someone sues you. Liability protection can be vital if you have a disgruntled employee who sues for discrimination, or if you have a customer who sues you because he is injured by a product you made. Your liability insurance policy will cover your legal bills and any damages up to the policy limits. This is important for almost all small businesses, but for certain businesses, such as accountants, law firms and doctors, this insurance often comes in the form of malpractice insurance and is in some cases, such as for doctors, legally required.
Umbrella Insurance
An umbrella policy provides more coverage in all areas. For example, if your property damage insurance isn't enough to cover all potential property damage, or the upper limits on your liability insurance policy aren't high enough to fully protect your business assets, you can buy an umbrella policy that will kick in and pay more once you exhaust your other insurance coverage.