Every business is continually exposed to risks during its operations. These risks range from injuries of customers and employees on the premises, natural calamities, unfulfilled contracts to damaged assets among others. For a small business recovering when any of these risks actualizes, can become difficult, or force the business to close. A small business needs protection against these risks. Insurance services US providers have different insurance packages suitable for different risks. A small business would require the following insurance cover packages as a priority.
Workers’ compensation insurance
If you have any number of employees, you should take up workers’ compensation insurance. In most states, this is a legal requirement. This type of insurance provides cover for injuries in the workplace, disability, and death. Even low-risk workers can suffer illnesses such as eyesight failure or carpal tunnel syndrome which can turn out very expensive to compensate.
This type of insurance protects your business assets including the premises, office equipment, tools, inventory and whatever else that the business uses in day to day operations. This insurance covers fire, smoke damage, theft, and vandalism. It is commonly bundled with business interruption insurance.
General liability insurance
This type of insurance is needed to cover damages that may be caused by the business’ services, assets or employees. If the company car is involved in an accident, for example, or if a business’ employee damaged property when working for a client, this insurance would cover the compensation.
Professional liability insurance
Your business could commit errors or omissions in executing a contract. This type of insurance coverage protects your business from negligence claims arising from these errors and omissions. Different industries have different compensations schemes for this type of insurance.
Product liability insurance
If you are a manufacturer, you need this insurance coverage for your products in case there are claims from damage caused by your products.
Commercial Vehicle insurance
This insurance covers business vehicles carrying employees, assets, and products. You can also take up non-owned auto liability insurance if employees are using their cars.
Business owner’s policy
This is usually a cover for common risks that face a business. Insurance services US providers will often allow a business owner to pick what is to be included in the package. A standard BOP insurance cover would include liability insurance, property insurance, business interruption insurance, vehicle cover and crime insurance. You can pick what you need depending on what your business does, where it is located and your clients.