Insurance Policies Small Business Owners Must Consider

1.Property Insurance:

Business owners who own a business property or own equipment used therein must opt for property insurance. Through such a policy a property owner can easily protect his assets against fire, theft, wreckage, smoke damage etc. Business owners can also choose riders which protect them against business interruptions and loss of earnings in case they are unable to run business for a disturbance.

2.General Liability Insurance:

Each work, even a home-based business, requires a good liability insurance policy. Such insurance policy offers both protection and defense in case you, your staff or your commodities or services leads to any sort of physical harm to the third party or cause damage to their assets.

3.Business Owner Policy (BOP):

Business owner insurance policy includes all necessary coverage that a business owner requires. It includes insurance against business interruption, property distortion, automobile damages, liability protection and much more. Depending on your organization’s needs, the owners can change the provision incorporated in their BOP. Such a comprehensive policy is advisable for business owners as it helps to save them premium costs. This is because buying so many individual policies cost lot more than purchasing a comprehensive coverage.

4.Landowner's Insurance:

Homeowner's or landowner's insurance is another important type of insurance policy that the owner of residential and other properties must have. This sort of insurance policy protects the landowners from any sort of damage done to their homes because of accidents or actions of their own.

5.Renter's Insurance:

Tenant or renter's insurance policy is a sub-set of landowner insurance that is applicable to people who rent their home. The policy protects against all sorts of physical damages done to the property and any sort of injury caused to a person inside the house.

6.Data Breach:

When the organization stores secret or non-public data about the company, staff and clients in their files, servers or computers, they are liable to keep that data safe and secure. In case of a breach or violation either by machine or from a file, a Data Breach policy offers protection against such losses.

7. Professional Liability Insurance / Errors and Omissions Insurance:

This type of business insurance policy offers protection against damages occurred due to improper rendering of expert service. The General Liability insurance policy will not offer such type of protection; hence it is necessary to know the difference between them. An expert liability insurance policy is appropriate for all specialized firms comprising of lawyers, advisors, accountants, hair salons, property representatives, insurance agents and many more.

8.Directors and Official Insurance:

Another essential insurance policy to protect the interest of the officers and directors of an organization against their doings that might have affected the productivity or functioning of the company. This type of business insurance policy also provides defense to a director or officer if their actions invite a legal situation. The insurance will compensate costs and damages caused because of a lawsuit.

9.Worker Compensation:

Worker compensation offers insurance for the staff member who has got injured on their duties. This insurance provides salary substitute and medical amenities to such injured employees. Due to these amenities, the staff member sacrifices his right to impeach the employer. Hence, for small business owners, this insurance is important in order to protect themselves and their companies from legal hurdles. Having such an insurance policy is mandatory for employers who have W2 employees. Non-compliance will invite stiff penalties.

10.Commercial Automobile Insurance:

Commercial automobile insurance covers company's automobiles against damage and accidents. Through such a policy businesses can defend their vehicles such as cars, SUVs, trucks, vans etc that are used to carry products or staff members. Even in the case, your company does not have business vehicles and your employees are coming in their cars, you can take advantage of non-owned auto liability. This type of policy comes handy if any employee does not have insurance or has inadequate insurance. Such a non-owned policy can be included in the BOP policy.

11.Personal Auto Insurance:

An important form of insurance is the automobile insurance. The personal auto insurance is introduced to cover all types of road automobiles such as trucks, motorcycle, cars, etc. Automobile insurance offers a twofold role, defending against physical and other bodily damages and also any legal responsibility that has aroused from the crash.

12.Life Insurance:

A life insurance policy is taken to protect a person against the death. In case, you own a life insurance policy, then the insurance company or the insurer is liable to pay a fixed amount to the beneficiary of the policy after your death. When you take up a life insurance, you need to pay regular premiums and in return a decided amount will be given to the beneficiary at the end of the policy. This is a very important form of insurance as it provides peace and relaxation of mind. Owning life insurance enables you to safeguard your dear ones against financial crisis even after you are no more to support them.

13. Personal Umbrella:

The insurance policy known as the personal umbrella serves as an additional coverage along with insurance policies that you already own. It is an expansion of the already owned insurance policies and protect beyond the regular ones. It can insure varied types of claims, such as the landowner's or automobile insurance. Personal umbrella insurance can be utilized only when liability on all other business insurance policies have been used up.

Jeffrey Jackson is a insurance broker associated with Farmers Insurance Group. He has years of experience and utilizes his knowledgebase for writing articles guiding people choose the best insurance policy. You can contact Jeffrey for any insurance related advice or visit his page Farmersagent/jjackson2 for more information.

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