Insurance Policies for Small Business Owners to Consider
Every business faces unique challenges and risks, so you may have to get different types of insurance depending on the industry that you are in. As a small business owner, there are many types of insurance that you can get to protect you, your business and your employees. Check out the various policies that many small businesses can get to help protect them from the variety of risks they take.
General Liability Insurance
General liability insurance helps protect your business from claims that it caused during normal business operations, such as:
- Bodily injury to someone else
- Property damage to another person’s belongings
- Personal injury
Commercial Property Insurance
Commercial property insurance helps protect your owned or rented building and equipment that you use to run your business.
Be aware that this insurance doesn’t cover damage from earthquakes or floods. You’ll likely have to get a separate policy, like commercial flood insurance, to help protect your business from these kinds of claims.
Business Income Insurance
If you can’t run your business because of covered property damage, business income insurance can help replace your lost income. So, you can use this coverage to help pay for ongoing expenses, like rent, utility bills or payroll. This type of insurance is also known as business interruption insurance.
Professional Liability Insurance
Professional liability insurance helps cover lawsuits claiming that you made a mistake in the services you provided. This type of insurance is also known as errors and omissions (E&O) insurance.
Workers’ Compensation Insurance
Workers’ compensation insurance gives your employees benefits if they get hurt or sick from their job. These benefits can help:
- Pay for their medical bills
- Replace most of their lost wages if they miss work to recover
- Cover funeral costs if they lose their life due to a work-related injury or illness
- Pay for ongoing care, like physical therapy
Data Breach Insurance
Data breach insurance helps your business respond to a data breach if personally identifiable information gets lost or stolen. Some insurers may call this coverage cyber insurance.
Data breach insurance can help pay your costs to:
- Notify impacted individuals
- Offer identity theft monitoring services
- Create public relations campaign
Commercial Umbrella Insurance
Commercial Umbrella Insurance extends the coverage limits for some of your liability policies. So, if a claim exceeds the limits on your policy, your umbrella insurance can help cover the difference.
Commercial Auto Insurance
Commercial auto insurance helps protect you and your employees on the road if you drive company-owned vehicles for business. It can help cover property damage and bodily injury claims from an accident your business causes. This is important because a personal car insurance policy won’t help cover third-party claims in an accident you cause with a business-owned vehicle.
Cyber Liability
Take advantage of the opportunity to add Cyber Security coverage to your “BOP” (Business Owner’s Policy). While many stand-alone Cyber Liability policies can be pricey, adding coverage to your BOP can help protect you in the event of a claim.
Employment Practices Liability
Employment practices liability insurance, also known as employers’ liability insurance, helps protect your business from employment-related claims. This includes claims of:
- Discrimination
- Sexual Harassment
- Wrongful Termination
Why Shepherd Insurance?
In addition to your policy, here are a few bonuses you can look forward to when trusting us with insurance for your Small Business:
- Complimentary enrollment in our Business Concierge Services, including three legal consults, an employee handbook review, and unlimited live HR support. Check out the other proprietary services you receive through this program by clicking here.
- Extended hours, through Shepherd Insurance partnerships, that give you access until 7 pm est. Monday-Friday.
- Complimentary coverage reviews of your current policies and contracts.
- Access to quick turnaround times on certificates and policy changes with our dedicated small business team.
We understand that you wear many hats when running a small business. Let us wear the insurance one! Contact us today to start protecting you, your business and your employees.
