5 Insurance Must-Haves for Small and Medium-Sized Businesses

5 Insurance Must-Haves for Small and Medium-Sized Businesses

As a small or medium-sized business owner, you are facing unique risks. It is recommended that you get a comprehensive insurance package and financial guaranty insurance policy so you’re covered when things go wrong.

1. Professional Liability

You need professional liability insurance as your standard liability insurance does not cover your liability involved with being a business owner. Errors and omission insurance is part of this and covers claims for inadequate work.

2. Commercial Property

No matter if you own a facility or operate from home, your property needs to be protected against hail, storm, fire and flood. Your homeowner’s policy does not provide coverage. If you live in an earthquake-prone area, add an earthquake insurance rider.

3. Business Interruption

When disasters or unforeseen circumstances happen, you can’t operate your business for a while. It’s best to get insurance that makes up for the loss of income.

4. Workers’ Compensation

You don’t want to be responsible for paying medical expenses or replacement wages should your employees get injured or ill on the job. Furthermore, if an employee sues you, workers’ comp pays for legal expenses.

5. Optional Insurance

Even if you’re not a financial institution, cyber liability can make sense if you’re responsible for the integrity of your business information or other people’s personal data. Also, crime insurance is recommended to be protected from employee dishonesty, kidnapping, and computer fraud.

These 5 types of insurance are essential for business owners like you. An experienced insurance broker can get you the specialized coverage and financial guaranty insurance policy you need.

 

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