What Insurance Do You Need For A Small Business

Laws requiring insurance vary by state so visit your state s website to find out the requirements for your business. In order to fully protect your business and your personal assets you need business insurance. Liability claims are a risk every business faces which is why getting the right business liability insurance is essential.

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General liability insurance to help pay for lawsuits that claim your business caused bodily injury or property damage.

What insurance do you need for a small business. There s only one policy you re legally required to have as a small business and that s employers liability insurance el. Professional liability insurance also known as errors and omissions e o insurance covers a business against negligence claims due to harm that results from mistakes or failure to perform. Professional liability insurance to help cover lawsuits that claim you made errors or omissions in the services your business provides. The federal government requires every business with employees to have workers compensation unemployment and disability insurance.

A bop typically includes three basic types of coverage to help protect a business. Six common types of business insurance. A business owners policy bop is the most common policy for small businesses according to the insurance information institute. If you have employees most states require you to have workers compensation and unemployment insurance.

Business property coverage general liability coverage and business interruption coverage. And depending on where your business is located you may also be required to have disability insurance. Some states also require additional insurance. A business owner policy packages all required coverage a business owner would need.

El covers your business in the event that one of your staff members. General liability insurance helps cover claims that state your business caused bodily injury or property damage. The two most important ones are. 2 even if you don t have any employees having certain other coverages such as a businessowners policy bop is a good idea.

Business owner s policy bop. It usually comes with product liability insurance which also helps protect you from claims of bodily injury or property damage caused by the products you supply. General liability insurance protects your business against claims of bodily injury or property damage by a third person. Often bop s will include business interruption insurance property insurance.