Key Features of Small Business Insurance

General Liability Insurance

General Liability Insurance protects your business against claims of bodily injury, property damage, and personal injury. This coverage is critical for safeguarding your business from lawsuits and liability claims that could otherwise result in significant financial losses. It typically includes:

• Premises Liability: Covers incidents occurring on your business property.
• Product Liability: Protects against claims from products you sell or manufacture.
• Completed Operations: Covers liability after a project is completed or a service is rendered.

Business Property Insurance

Business Property Insurance provides protection for your business’s physical assets, including buildings, equipment, and inventory, against risks such as fire, theft, and natural disasters. This ensures that your business can recover quickly from unexpected events. Key aspects include:

• Building Coverage: Protects the physical structure of your business location.
• Contents Coverage: Covers equipment, furniture, and inventory within your building.
• Business Personal Property: Protects assets owned by the business but located offsite.

Business Interruption Insurance

Business Interruption Insurance compensates for lost income and operating expenses if your business operations are disrupted due to a covered event. This ensures that you can continue to meet financial obligations and maintain business continuity during a temporary shutdown. Key benefits include:

• Loss of Income: Replaces lost revenue during the period of interruption.
• Operating Expenses: Covers ongoing costs like rent and payroll.
• Extra Expenses: Pays for additional costs incurred to continue operations.

Professional Liability Insurance

Professional Liability Insurance (also known as Errors and Omissions Insurance) covers claims of negligence, errors, or omissions in the professional services you provide. This insurance is essential for protecting your business from costly legal claims and maintaining your professional reputation. Important features include:

• Negligence Claims: Covers failure to perform professional duties.
• Legal Defense Costs: Pays for legal fees in defending against claims.
• Claims of Misrepresentation: Protects against accusations of misleading clients.

Commercial Auto Insurance

Commercial Auto Insurance provides coverage for all vehicles used in your business operations. This includes liability protection for accidents, coverage for vehicle damage, and protection for goods in transit. Key components include:

• Liability Coverage: Protects against claims of bodily injury and property damage.
• Physical Damage Coverage: Covers collision and comprehensive damage to vehicles.
• Hired and Non-Owned Auto: Provides coverage for vehicles you rent or borrow.

Workers’ Compensation Insurance

Workers’ Compensation Insurance covers medical expenses, lost wages, and rehabilitation costs for employees who are injured or become ill as a result of their job. This insurance is crucial for protecting your workforce and complying with legal requirements. Key benefits include:

• Medical Expenses: Covers the cost of medical treatment for injured workers.
• Lost Wages: Compensates employees for lost income during recovery.
• Disability Benefits: Provides financial support for employees with long-term injuries.

Cyber Liability Insurance

Cyber Liability Insurance protects your business from losses related to data breaches, cyberattacks, and other digital risks. This coverage is increasingly important in today’s digital age, ensuring that your business can quickly recover from cyber incidents and protect sensitive information. Key features include:

• Data Breach Response: Covers notification costs and credit monitoring services.
• Cyber Extortion: Protects against ransomware attacks and extortion demands.
• Business Interruption: Compensates for lost income due to a cyber incident.

Product Liability Insurance

Product Liability Insurance provides protection against claims arising from the manufacturing, distribution, or sale of products. This insurance covers claims of bodily injury or property damage caused by defective products, ensuring that your business is safeguarded from potential financial losses and legal actions. Important aspects include:

• Manufacturing Defects: Covers claims of faulty product manufacturing.
• Design Defects: Protects against claims of flawed product design.
• Failure to Warn: Covers claims of inadequate instructions or warnings.