4 Types of Commercial Insurance You Need for Small Business Protection

If you are a business owner, you will want to work hard to protect your investment. The key to doing this is by getting the right amount of commercial insurance. Studies indicate there are 28 million small businesses in the United States today. Being able to stay in business is sure to be your biggest goal, and this means avoiding a financial disaster that could potentially happen by staying insured. Knowing the specific types of commercial insurance to get in order to protect your small business can be helpful.

Type #1: Property Insurance

Being able to protect your office or store space should be one of your top priorities. This can be accomplished by having the right amount of property insurance in place.  It's ideal to choose a policy that will protect your business against fire, theft and other major catastrophes that could financially hurt you if any of these occurred.

Type #2: Workers' Compensation Insurance

If you have employees working for you, you will want to obtain workers' compensation insurance. This will protect you if one of your employees was to get injured on the job.  This type of insurance will cover medical bills, time lost from work and may provide death benefits if a fatality occurred.

Your employee will have the legal right to file a claim if the injury is severe enough to prevent being able to work.

Type #3: Product Liability Insurance

If you manufacture any type of product, you will want to have coverage that will pay for any damages that could occur to the consumer.  Errors do occur in manufacturing and if an individual who purchases your product is injured because of it, you could face legal action and financial issues. By having product liability insurance in place, this will allow you to be fully protected.

Type #4: Vehicle Insurance

You may need to operate vehicles to keep your business running.  The key to being able to recover quickly from an accident if this happens is by having vehicle insurance in place. This will keep your automobiles insured and allow you to receive compensation for any financial losses.

The benefits of being a small business owner are many. However, taking the extra step to secure the financial aspect of your company with commercial insurance is critical to your success. Be sure to speak to an insurance agent in your area, such as Affordable Insurance, to advise you on the best insurance policy to meet your needs.