What Insurance Do You Need For A Small Business
General liability insurance protects your business against claims of bodily injury or property damage by a third person.
What insurance do you need for a small business. General liability insurance to help pay for lawsuits that claim your business caused bodily injury or property damage. Often bop s will include business interruption insurance property insurance. The federal government requires every business with employees to have workers compensation unemployment and disability insurance. In order to fully protect your business and your personal assets you need business insurance.
Professional liability insurance to help cover lawsuits that claim you made errors or omissions in the services your business provides. If you have employees most states require you to have workers compensation and unemployment insurance. Some states also require additional insurance. Six common types of business insurance.
General liability insurance helps cover claims that state your business caused bodily injury or property damage. The two most important ones are. A bop typically includes three basic types of coverage to help protect a business. Business owner s policy bop.
A business owners policy bop is the most common policy for small businesses according to the insurance information institute. A business owner policy packages all required coverage a business owner would need. Laws requiring insurance vary by state so visit your state s website to find out the requirements for your business. 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.
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. 2 even if you don t have any employees having certain other coverages such as a businessowners policy bop is a good idea. 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.
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