What Type of Insurance Should You Consider for Your Small Business

For any business venture, it is very important to explore your options when it comes to insurance and to be able to include insurance premiums in your budget. However, there are several different types of insurance policies that are available to small businesses and not all of them may be necessary depending on the type of work you do. Here we look at what some of the main insurance types for small businesses are and who needs them:

General Liability

This is the most standard type of insurance and is needed by almost all small business owners. It means you are insured if the activities of your business cause damage to other people’s properties or cause injuries.

Product Liability

If your business provides physical or even digital products, then product liability insurance is also very important. This protects you against claims of damage caused to people or property by your products. Naturally, businesses that provide services rather than products of any kind won’t need this.

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Commercial Property Insurance

This type of business insurance protects your inventory, equipment, and other things you need to do business. This is well worth having for most businesses, even if you run your business from home, as almost all businesses will have some equipment such as computers or tools that they need to function. Having this kind of insurance can be a lifesaver if you need to get things replaced or repaired. Naturally, premiums will vary depending on the kind of business set-up you have.

Workers Compensation Insurance

If someone working for your company gets injured at work, then this kind of insurance covers this kind of situation. You will need to have this if you employ anybody at your company under almost all circumstances. Naturally, if your business is just you, you won’t need this policy in your business insurance package, but it’s important to remember to add it if you take anyone on in the future.

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Errors and Omissions Insurance

Also known as E and O or professional liability insurance, this is another of your business insurance options that is designed to insure against mistakes made by your business, including its employees.


There are also other types you may want to consider in a business insurance package, such as insurance related to commercial vehicles if you have them, or to your place of work.

Getting Insurance

Insurance can be arranged very quickly. The first step is to get some quotes and speak to insurers who specialize in small businesses to be clear on what the right package of policies for your specific venture will be. Never skimp on insurance – it can end up saving your business.

The cost of premiums will vary a lot between different types of work and the level of risk involved, so it is difficult to say how much your insurance could cost, but it is easy to get quotes online or over the phone so you should have the answers you need quickly.


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Marianne elanotta

Marianne is a graduate in communication technologies and enjoys sharing the latest technological advances across various fields. Her programming skills include Java OO and Javascript, and she prefers working on open-source operating systems. In her free time, she enjoys playing chess and computer games with her two children.

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