Small Business Insurance
Small business liability insurance is one of the most important parts of your commercial policy
- General liability: It protects against payments for bodily injury, property damage, libel and slander. It will also cover court costs and legal fees associated with covered events.
- Professional liability: protects your business from liability claims due to malpractice, negligence and errors.
Product liability: This is important for companies that manufacture, distribute or sell products.
- If you own the building in which your business is located, you will want to make sure that you purchase enough insurance to cover the structure of the building as well as any contents within.
Professional Liability Insurance
Professional liability insurance protects you against “errors and omissions” that occur when providing professional services. Basically, it safeguards you against mistakes or negligence that result in a financial loss for your client. Professional liability insurance covers the cost of legal defense and any judgments or settlements up to the policy limits.
You might think of this policy as homeowners insurance for landlords. As with homeowners insurance, your policy will cover the structure itself, in the event that it is damaged by any number of causes, such as storms, fire or malicious acts.
The policy will also typically provide liability protection to cover injuries to anyone on the premises in the event that these injuries are deemed to be your fault or the result of negligence on your part.
In addition, it can also cover you for loss of rents due to a covered loss that prevents you from renting out your property.
Commercial Auto Insurance
Commercial vehicle policies, like personal auto policies, are primarily designed to cover your liability risks and provide compensation for damage to your vehicle. But instead of just covering your personal use of the vehicle, the policy covers you and any other person who drives the vehicle. If you have employees who use their own vehicles for work related to your business, you need to make sure your commercial auto policy covers those employees and their vehicles.