Owning a small business comes with many responsibilities. Among them is the requirement of keeping the business and your employees safe in the event of certain situations arising. Commercial insurance can be a lifesaver in that regard. Small business owners need to ensure both the property and their employees as well as other aspects covered for losses and other disasters. It’s important to know about the types of insurance that are a must for your business.

Property Insurance

Property insurance covers any and all damage to your business premises. Everything from the structure of the area where your business is housed to the machinery, offices, products, furniture and even documents is protected. Service and retail businesses, in particular, are well-suited for property insurance coverage. However, it’s important to note that not all policies cover all the property, and it may be necessary to purchase additional coverage.

General Liability Insurance

General liability insurance is necessary because all businesses can have liability issues. This type of insurance covers damages to the property of third parties visiting the premises, as well as any injuries those parties sustain. For example, if a person visiting your business slips and falls and breaks their leg, liability insurance protects your business by covering the costs of the individual’s medical expenses in the event of a lawsuit.

Workers’ Compensation Insurance

All businesses that employ five or more regular workers are required to carry workers’ compensation insurance. Workers’ comp protects both the business and employees in the event that a worker sustains an on-the-job injury or illness. The business is protected against a potential personal injury lawsuit, while the employee is covered for their medical expenses and lost wages if they're unable to work or are limited in their work duties.

Errors and Omissions Insurance

Errors and omissions insurance covers any mistakes or failures from business-related decisions or acts that lead to an injury to a third party. These mistakes are not deliberate but are accidental. It is more commonly known as E & O insurance and is something all small businesses should include in their insurance plans.

All of the commercial insurance options listed here are ones every small business owner should consider. They will keep your company covered in the event of a mishap or unforeseen event.

For more information, feel free to contact us at The Della Porta Group.