Important Business Insurance Options for Small Businesses

Running a small business can come with many opportunities, but it also requires you to account for various risks. Regardless of size, sector or years of experience, certain accidents and other incidents may inevitably impact your company, potentially derailing its growth and threatening insolvency. Understanding and securing appropriate business insurance can make all the difference.

Key Insurance Coverages for Small Businesses

Business insurance typically refers to multiple types of policies intertwined to form a versatile financial safety net capable of addressing risks and exposures relevant to your company. While every business has unique characteristics that may impact its coverage needs, many can benefit from certain core types of insurance, including the following:

• General liability insurance can help financially protect your business if someone claims you caused their bodily injury, property damage or personal injury.
• Commercial property insurance may assist with losses involving your business’s physical property, such as its offices, equipment, electronics and inventory.
• Business interruption insurance can compensate you for lost income and help pay ongoing costs if you’re forced to temporarily pause operations or close due to a covered incident.
• Business owners policy (BOP) insurance can combine general liability, commercial property and business interruption insurance under a single policy, making it a potentially cost-effective solution for small companies.
• Workers’ compensation insurance can help pay for losses and expenses if your staff is injured on the job or develops work-related illnesses.

While the aforementioned policies may be advisable for most companies, those in certain industries or areas should consider additional coverage. For example, if you’re in an area prone to floods and hurricanes, a separate flood insurance policy is advisable. Alternatively, if you use motor vehicles or work with sensitive data, commercial auto and cyber liability policies are likely needed, respectively.

Ready to Assess and Address Your Insurance Needs?

At Amco Auto Insurance, we pride ourselves on helping small businesses identify their coverage needs. We’ll analyze your operations and work with you to secure ideal insurance packages and, by extension, your company’s finances and future. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.