Basic business insurance

Accidents, illnesses, lawsuits… If you're in business, you're exposed. While the number of risks you're exposed to is almost unlimited, you might only need a few basic coverages to start out. For example:

• General liability insurance - All small businesses, old and new, need general liability insurance. It's basic liability protection that guards against things like accidents, injuries, property damage and lawsuits.

• Commercial auto insurance - If you use vehicles for work, you'll need commercial auto insurance to be fully covered. Personal policies don't usually cover work related incidents. You'll save up to 5% if you combine this with General Liability! Do you need a commercial auto policy? Find out here.

 

As your business grows

Most small businesses insurance needs quickly extend beyond basic liability and commercial auto insurance. Certain jobs require specific coverages, employees need protection, and a number of risks fall outside the protection of basic liability coverage.

When insurance coverages are packaged together, it's often referred to as a Business Owners Policy, or BOP. Additional coverages in a BOP might include:

• Property - This can protect your commercial buildings and most of your personal property. Both of which are not covered by liability insurance. Liability normally covers other people's assets, not yours.

• Business income interruption - If your policy includes coverage for property, you also have protection in the event of business interruption. For example, if you have a property claim that prevents you from operating your business, business income interruption coverage could help pay you for your lost income, employee salaries and rent expenses.

• Professional liability - Do you give professional advice or provide a professional service? If so, you should probably carry professional liability insurance. This can be endorsed to your BOP.

While technically not part of a BOP, we also offer workers' compensation insurance to help pay for things like medical costs and lost wages of employees who become ill or injured on the job.