Businesses of all sizes are responsible for protecting their assets, which includes their real estate, inventory, and of course, their employees and customers. Small businesses owners must invest in insurance to secure their company from risk.
Here are various types of commercial insurance small business owners should have.
General liability insurance
No matter what type of business you operate, there’s a chance someone will endure harm or property will be damaged. General liability insurance helps protect your business from claims such as injuries, libel, slander, robberies, natural disasters, and other damaging events.
Commercial property insurance
If you manage your business from an office, factory, store, or other brick-and-mortar building, commercial property insurance protects physical items such as inventory, equipment, tools, and furniture.
Professional liability insurance
Also known as errors and omissions insurance, professional liability insurance protects your business’s finances should an employee make a mistake — whether inadvertently or deliberately — in a provided service.
If an employee experiences a work-related injury or illness, workers’ compensation helps pay for their wage replacement, medical care, disability benefits, and funeral expenses. The National Institute for Occupational Safety and Health explains that workers’ comp laws were established to reduce workplace hazards and promote a culture of safety across industries.
Data breach insurance
With several cybersecurity risks on the rise, data breach insurance keeps your company’s data safe from hackers. If your business becomes a victim of identity theft, stolen confidential company documents, ransomware, or another type of breach, this coverage can help cover a portion of or all financial losses and expenses associated with this crime.
Commercial auto insurance
Commercial auto insurance is a necessary investment if you have employees who drive for business purposes, including traveling, making deliveries, or running errands. Commercial auto insurance helps cover damage from accidents. This coverage can apply to both company-owned vehicles as well as employees’ personal vehicles, should they drive their own cars to conduct business.
Business insurance consists of a variety of levels, which can be combined to create the best fit coverage for your company. To learn more about the distinct types of business insurance the Farm Bureau Mutual Insurance Company of Idaho offers, get a quote or contact your local agent.