Any one of these occurrences could be expensive unless you have the right insurance!
- A customer slips and falls in the aisle of your store.
- A man claims to have found a piece of glass in the jar of salsa that he bought from you
- A woman tells you that your companys face cream gave her a skin inflammation
- A key employee steals from your account
- Your computers get a virus and you have to suspend operations.
As a small business owner, you should protect your companys assets the same way you protect your house or car–with insurance!
General liability insurance: protects your business from property damage, injury claims, and advertising claims. Also known as Commercial General Liability (CGL), its the most basic type of insurance for small businesses.
Professional liability insurance: Providers of professional services may consider having professional liability insurance, known as errors and omissions. This coverage protects your business against claims of errors, malpractice, negligence, and omissions. For some professions it is a legal requirement to carry such a policy.
Product liability insurance: If you sell a product, you should consider product liability insurance. This provides protection in the event a customer brings a claim against your company based on a problem with your product.
Home-based business insurance: Homeowners insurance policies do not generally cover home-based business losses. Specialized home-based business insurance may include business property, crime and theft, loss of business data, professional liability, personal and advertising injury, and disability.
Workers compensation: Required in most states, workers compensation insurance pays for employees missed wages and medical expenses if injured while working.
Internet business insurance: Web-based businesses should consider specialized insurance that covers liability for damage done by hackers and viruses. In addition, e-insurance often covers specialized online activities, including lawsuits resulting from meta tag abuse, banner advertising, or electronic copyright infringement.
Criminal insurance: Employee bonds and criminal insurance provide protection against losses due to criminal misconduct.
Business interruption insurance: Losses are covered during natural disasters, fires, and other disasters that may cause the business to cease operations for a significant amount of time.
Key person insurance: The company is compensated if a key person dies, becomes ill, or leaves.
Malpractice insurance: Many licensed professionals need protection against bodily injury or property damage claims, the cost of defending lawsuits, investigations and settlements, medical expenses, and bonds or judgments required during an appeal procedure.
