Do you know what your current business insurance policy covers? Business insurance coverage is designed to help protect your company from losses that are related to everyday events that may occur during the ordinary course of business.
There are many types of insurance options for businesses and to determine which coverages are best for your company, you’ll need to evaluate your insurance needs based on potential risks. Keep reading to learn more.
What Does Business Insurance Cover?
It’s essential for small business owners to carefully examine their business insurance needs because they may be hit harder in the event of a loss. Unsure of where to start?
Speaking with an experienced independent insurance agent is one of the best ways to take a closer look at your insurance needs and determine which coverage level is right for you.
Some common types of business insurance include:
- Professional Liability Insurance — This coverage insurance against negligence claims that may result from a failure to perform or mistakes.
- Commercial Property Insurance — This coverage works to protect business-related equipment, furniture, inventory, and other important items from covered events, such as a fire or earthquake.
- Home-Based Business Insurance — Operate your business from home, your homeowner’s insurance policy likely won’t extend to cover your business items and operations, so you’ll need a separate policy.
- Product Liability Insurance — If you make products that you sell, you are at risk of lawsuits related to customer injury and dissatisfaction.
- Commercial Auto Insurance — All vehicles used for business-related purposes must be covered under a commercial auto insurance policy, even personal cars that are used for job duties.