Small Business Commercial Insurance Overview: Understanding Basic Business Insurance Needs

It is common knowledge that all types of businesses require at the very least basic liability insurance. It is always wise to protect your business against as many as possible. All industries are susceptible to lawsuits for one reason or another these days.

Even if you do most of your work from home, there are still some risks to be aware of, such as copyright infringement. Fortunately، there are customized small business commercial insurance policies available, so you can request quotes tailored to your company type and business size.

You should take the time to educate yourself about the four main types of coverage: general liability, commercial property, commercial auto، and workers’ compensation. If you don’t make deliveries or use your car for anything related to your business، then you probably won’t need that coverage on your policy. If you do not have any employees, then you will not need workers’ compensation.

Even if you have several employees, you may or may not have workers’ compensation, depending on your state’s laws and the amount of risk involved with the employees. There is professional liability insurance for individuals such as lawyers، accountants، consultants، real estate agents، and so on. General liability and professional liability are not the same thing.

There are certain risks that are excluded from commercial small business insurance, even though they may involve large losses. For example، floods and tornadoes require “specialty policies” This is because insurance companies do not like to pay such a large amount of money for all damaged businesses within a small geographic area.

Here are some things that commercial small business insurance will generally protect your company from:

• If someone is injured in any way while on physical property associated with your business

• If a customer has any property damaged by you or your employees

• If your products cause harm to someone or their property

• If you use a customer’s photo in your ads and they try to sue you for copyright

• If your company is named in a lawsuit for medical expenses and property damage

What about your injuries? What would happen to your business if something happened to you? These are also things to consider when adding specialist coverage to your policy.

Just use the internet to help find the right commercial small business insurance for you, starting with Hiscox Business Insurance. Review your insurance every year to make sure it still meets your needs.

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