Business insurance — the safety net your small business needs
Maybe the only thing worse than paying for insurance that you never use is not having insurance when it’s needed. Small business expert Steve Strauss details the must-have types of insurance for your small business.
- Property insurance — whether you own or lease your space, property insurance is a must. This insurance covers equipment, signage, inventory and furniture in the event of a fire, storm or theft. However, mass-destruction events such as floods and earthquakes are not generally covered under standard property insurance policies. And note that if you have a home-based business, your homeowner’s insurance doesn’t provide the coverage that commercial property insurance does.
- Liability insurance — also known as errors and omissions (E&O) insurance, liability insurance protects your business against negligence claims resulting from mistakes or failure to perform.
- Comprehensive General Liability protects your business from potential liability due to negligence that could cause injury to others.
- Professional liability insurance is something doctors, lawyers, realtors, architects and computer consultants should consider.
These aren’t the only types of business insurance available. Disability insurance, business interruption insurance, key person insurance and other types of coverage can be equally vital, depending on your business. Read the full article from Steve Strauss and schedule an appointment with your insurance professional to make sure your business is protected from life’s unexpected events.