The Types of Insurance Every Small Business Owner Should Have

​1. General Liability Insurance 
Every business, including home-based ones, should have liability insurance. It is the policy that provides both damages and defense if your products or employees cause damage to property or bodily injury to any third party.

​2. Property Insurance
 
Protect your business personal property or building, including the tools, computers, inventory, and equipment, in case a theft, vandalism or fire. Also, consider getting loss of earning and business interruption as part of the policy to protect your earnings in the event of difficulties in the operation of the firm.
 
3. BOP or Business Owner’s Policy
 
A packaged business owner’s policy is what every business owner needs. It includes vehicle coverage, property insurance, crime insurance, liability insurance, and business interruption. You may alter what you can add in the BOP by the specific needs of your company. Usually, business owners may save money if they choose BOP because of the bundle of services. It usually costs less than all the individual coverage's total cost.
 
4. Commercial Auto Insurance
 
Commercial auto insurance provides protection for the company vehicles that carry equipment, products or employees. You can use commercial auto insurance to protect your trucks, vans, SUVs and work cars from collisions and damage. If there are no company cars and the employees drive their vehicles for company business, you should get non-owned auto liability to protect your business in case the employee does not possess insurance or has coverage that is inadequate. Most of the time, you may add the non-owned auto policy to the BOP.
 
5. Worker’s Compensation
 
Worker’s Compensation gives insurance to employees who experiences an injury on the job. It is the type of insurance that provides medical benefits and wage replacement to people who suffer an injury while working. In exchange for this, the employee has to give up his right to sue his employer for any incident. It is essential for businesses to have worker's compensation insurance as protection for himself and his company from legal implications. The state laws may be different, but they all require workers compensation if your business has W2 employees. Non-compliance with this rule may have very stiff penalties.
 
6. Professional Liability Insurance
 
Here is the insurance that is also known as the Omissions and Errors Insurance. It is the policy that gives damages and defense for professional services that were failed to provide. The general liability policy does not offer this protection, so it is essential for people to understand the difference. This insurance applies to professional firms including hair salons, insurance agents, technology providers, real estate agents, notaries, lawyers, consultants, and accountants.
 
7. Insurance for Directors and Officers
 
This kind of insurance provides protection to the company's officers and directors in case their actions affect the company's operations and profitability. If an officer or director of your business encounters a legal situation, this insurance will cover the damages or cost that may be due to a lawsuit.
 
8. Breach of Data
 
Businesses that store non-public and sensitive information regarding their clients and employees in paper files, servers and computers should be responsible for the protection of that data. If a breach occurs through paper files or electronically, the Data Breach policy will protect against this loss.
 
9. Homeowner’s Insurance
 
An important type of insurance that people need is homeowner's insurance. It is the kind of insurance that will protect against damage to your home and the items in it. This insurance may also protect you from accidents that may happen in your home because of your actions.
 
10. Insurance for Renters
 
A sub-set of homeowner's insurance is renter's insurance. It applies only to people who rent their home. The coverage provides protection against personal injury and damage to the contents of the property and the physical property.
 
11. Life Insurance
 
Life insurance provides protection against death for any individual. It allows the insurer to pay money to the beneficiary in case of mortality. You need to pay premiums in exchange for the payment of the benefits to the recipient. It is the type of insurance that gives people a peace of mind. Life insurance will allow you to know that your loved ones will not experience financial burden in case of your death.
 
12. Personal Automobile Insurance
 
Another critical type of insurance is auto insurance. The automobile insurance provides coverage to all road vehicles including motorcycles, cars, and trucks. It has a dual function that protects against bodily injury and physical damage that may result from a crash. Included here are liabilities that may come from the collision.
 
At the Wellcovered Insurance Group we take pride in making sure our clients are well protected at prices they can afford. To learn more about how we can help you please contact our agency at 1-386-218-4951 or Click Here to request a free quote.