While the basic liability coverage is required by law, small business owners should consider obtaining additional coverage as needed. For example, a home-based business may want to add a homeowner’s policy to provide basic liability coverage. In addition, an owner might want to consider purchasing product liability insurance for new product lines. When it comes to the size of a business, it’s important to choose the right level of protection for its assets and liabilities.
While most small businesses don’t require all types of insurance, there are some situations that require coverage. While you may not need to insure for all disasters and incidents that affect a business, some types are essential. For example, you might need to have a professional liability policy to protect yourself from lawsuits for alleged malpractice. If your business provides professional services, you might want to purchase this type of insurance. For such instances, you should consult a business attorney.
If your business is small and has fewer employees, you may be able to get away without commercial property insurance. If you are the sole proprietor, you may opt to purchase a business owner’s policy (BOP) that covers only the assets of the business. This type of policy is typically less expensive than an individual policy and covers a range of circumstances. Depending on the size of your business, you can also decide to add additional coverage as needed.
In addition to liability coverage, you may want to consider workers’ compensation insurance and property damage insurance. If you hire employees, it is important to consider the type of insurance you need for your company. While many policies will cover you for losses caused by an accident, they do not cover accidents involving horseplay. Some policies require you to pay a co-insurance amount on the policy. But the costs of such coverage are often affordable and should not be overlooked. Click here for more information about The Hartford Commercial Insurance Reviews.
A BOP can be an affordable way to protect your business and its assets. For example, it can cover your property and contents. If you work from home, consider buying a BOP. It can help protect you from lawsuits, which can lead to costly delays and interruptions in your business. It can also provide protection against a wide variety of other risks. If you are running a small business, it’s important to take out an adequate amount of property and liability insurance to protect yourself and your employees.
There are various types of business insurance that you can purchase. Errors and omissions insurance, for example, covers a business owner’s decisions if an employee has been injured on the job. It may also cover the cost of legal fees if an employee sues the company. These two types of insurance can protect your assets and finances from a variety of damages. If you have employees, it is crucial to purchase professional liability and errors and omissions insurance.