Buying small business insurance coverage online for your small business has never been easier, and going without has never been riskier and could put you on the fast track to going out of business. Even if you’re running a one-man operation out of your spare bedroom, you’re still at risk. So if you’ve ever wondered what small business insurance coverage do I need, here are seven policies to compare online:
- General liability. This is the fundamental building block of any small business insurance coverage. It protects you from third-party claims that you or an employee caused physical harm or property damage to a customer or even a delivery person coming on your premises to conduct business. It also covers any harm or damage you do while on somebody’s property in the course of doing business. Your homeowners or renters insurance may not cover claims related to your business unless you purchase an endorsement for that specific purpose.
- Property insurance. Whether you rent, lease or own your office space, this coverage is necessary to protect you from loss or damage caused by vandalism, theft, storms, fire and other named perils. Even if you don’t own the building, it still covers your equipment, supplies and inventory.
- Errors & Omissions insurance. Also called E&O and professional liability, this is a kind of professional malpractice coverage for businesses that protects you from mistakes made by you or an employee. It may also cover suits resulting from sexual harassment and discrimination.
- Workers compensation insurance. If you have even one full-time or part-time employee, most states require that you provide them with workers comp to cover on-the-job injuries.
- Commercial vehicle insurance. Many personal car insurance policies won’t cover damages or losses to a vehicle used to conduct business. Commercial coverage will.
- Product liability insurance. If you manufacture anything, you could be sued if your product causes injury, illness or death.
- Cyber insurance. Data theft and information mismanagement is a growing risk for everyone who conducts business online. This coverage will protect you from hackers and loss due to system crashes. It will also help pay for your legal responsibilities to clients and vendors whose data is compromised.
You can learn more about these types of coverage, compare small business insurance policies and buy small business insurance coverage online here.