15 Insurance Policies that Your Small Business Needs

To protect your business from the liabilities and costs that come with accidents and other risks that your small business faces, you should carry the right business insurance policies. Here’s a look at fifteen of the most important insurance plan.

Protect Your Business Against Liability

  1. General Liability Insurance

    General liability insurance covers various liability claims, including property damage, bodily injury, medical payments, advertising or personal injury, products-completed operations, and damages to your rented premises.

  2. Business Owners Policy (BOP)

    BOP policies combine property coverage with general liability coverage. BOP insurance covers product-related claims, property damage, and customer injury liabilities y. It also offers movable property and commercial building coverage. Many BOPs also cover business interruption.

  3. Employment Practices Liability Insurance (EPLI)

    This coverage kicks in case one of your employees files a claim due to sexual harassment, negligent evaluation, breaching of employment contract, poor management of employee benefits, discrimination, or unfair infliction of emotional pain.

  4. Professional Liability Insurance

    Professional Liability Insurance/E&O (errors and omissions) insurance covers enterprises that provide professional services. E&O insurance can protect your business B2C against claims that emanated from your services causing clients bodily injury or financial distress.

  5. Contractor’s Professional Liability Insurance

    This policy protects construction businesses against losses or errors incurred during the designing, engineering, and construction of a building.

  6. Directors and Officers (D&O) Liability Insurance

    This policy covers your offers’ and directors’ assets in case they are individually sued for wrongful actions in company management, like noncompliance with workplace laws and fraud.

  7. Management Liability Insurance

    This policy comprises a mix of coverages that cover an enterprise’s board of directors from the risks that come with running a business. It usually covers D&O, fiduciary, and employment practices liability.

  8. Product Liability Insurance

    This coverage kicks in case your product causes injury or damage to third parties or if you’re sued due to your product.

    Protecting Your Business Property Equipment

  9. Commercial Property Insurance

    Commercial Property insurance covers your physical assets in the event of a covered loss. Examples of such assets include buildings, equipment, inventory, and furniture.

  10. Homeowners Insurance

    Homeowners policies typically provide limited (or no) coverage for business property stored on your property. To ensure your business property that’s in your home is adequately covered, you should get more coverage through an endorsement or an in-home business.

  11. Business Renters Insurance

    This policy covers damage within your rented space that results from named perils such as accidents and fire. It’s specifically designed for businesses that rent space.

  12. Commercial Auto Insurance

    If yours is a business-owned vehicle, you need commercial auto insurance. Similar to personal auto policies, this policy covers bodily injury and property damage liabilities. However, commercial policies can also offer extra coverage, including higher coverage limits, non-owned vehicle coverage, unloading and loading exposure, and more.

  13. Business Overhead Expense (BOE) Insurance

    Your BOE insurance can cover the expenses of running your enterprise in case you become incapable of running it due to a disability.

    Protecting Your Executives and Employees

  14. Workers Compensation

    Workers comp covers your employees’ medical expenses, part of lost wages, and death benefits in case they suffer a work-related injury or illness.

  15. Disability Income Insurance

    This policy is similar to workers’ comp, but it also covers illnesses and injuries that occur off the job.

Choosing a Combination of Insurance Types

To choose the right mix of insurance policies for your business, you should consider the risks that your business faces. Importantly, it would help if you worked with a reputable insurance agent who’ll help you assess your insurance needs and get suitable insurance.

How Premier Risk Can Help

If you’re looking for cost-effective and customized general liability insurance in NY, contact us at Premier Risk, LLC. Our insurance experts will help create the best-customized insurance plan for your small business needs.