About Small Business Insurance

All businesses, big and large, need to have insurance to protect the financial integrity of the business. A catastrophe or lawsuit can ruin a small business that does not have insurance. There are certain options of liability insurance that every small business should have.

Bodily Injury

This coverage will pay if a customer or client is injured on the property of your business. Medical payments for the injury are covered by this type of insurance. In this way, your business cannot be sued because the insurance is working to make the injured party whole.

Property Damage

This insurance pays for damages to your business as a result of fire or other catastrophe. It also covers damage caused by human means, such as the destruction sustained during a robbery or vandalism. Glass coverage is part of property damage.

Financial Injury

Liability insurance includes financial injury, such as if a customer’s car or other property was damaged. This type of insurance is commonly used by mechanics and others who deal with expensive property that belongs to a customer. It is an insurance that is needed by every business.

Personal Injury

Liability insurance also covers personal injury, such as slander, libel or disparaging information that harms a person’s reputation or ability to earn money. Newspapers are the most likely to use this form of insurance, but it can also cover a small business in the event of a disgruntled employee.

Workers’ Compensation

Workers’ compensation covers the medical bills and some lost wages of employees who are hurt while working on the job. It is required by law in most states for every business that has two or more employees.