Small Business Insurance 101: Are You Covered?

You’ve started a new business and you’re following your dreams…

BUT, while it may be a small business, the risks may be significant. Depending on the nature of your business you may need commercial general liability protection, business property insurance, errors & omissions coverage, or commercial auto insurance.

Commercial General Liability and Property Insurance

Commercial General Liability (CGL) insurance is often matched up with property insurance. Both CGL and Property insurance are two types of commercial coverage that many small business’s need.

Commercial general liability insurance protects you from a wide variety of claims, the most common being claims against your business for bodily injury or property damage. Common examples would be if a client is injured at your place of business, or if an employee damages property at a client’s site.

Commercial property insurance on the other hand, covers the contents of your office or other business spaces as well as any equipment, stock, or product belonging to the company in the case of theft, fire or other damages.

Beyond CGL and Commercial Property: Errors & Omissions and Commercial Auto

In addition to commercial general liability and property coverage’s, there are other forms of protections your small business may need. It all depends on the type of business you’re running. (Don’t worry, your commercial insurance broker will do a full risk assessment with you to determine your exposures.)

For example, let’s say you’re an IT Consultant. Chances are you should have errors & omissions protection because E & O would provide coverage if a client sues you and claims your work included mistakes, was delivered late, or doesn’t do as promised causing them a financial loss. Of course IT professional are not the only ones who may need E & O coverage; anyone who has a client who can come back and say you made an error, mistake or omission that cost them financially should consider getting E & O coverage.

Another common coverage is commercial auto insurance. A commercial auto insurance policy is often necessary if you’ve got a vehicle that is used to carry or deliver people, product, supplies, or equipment. It may also be necessary if the vehicle has decals and advertising on it.

Finding The Right Small Business Coverage

Our commercial insurance professionals are very knowledgeable in terms of what particular risks come with running a small business. Protect the business you’re building, and get the business insurance coverage you need.