Nearly every small business needs general liability insurance to protect against common accidents between customers or customers, including bodily injuries, property damage, and personal injuries. An accident involving a client can result in enormous legal fees and medical expenses, making it an important policy for any company.
General liability insurance
, also known as business or commercial liability insurance, is essential coverage for a variety of claims, including bodily injury, property damage, personal or publicity injuries, medical payments, operations performed with products, and damage to facilities rented to you. Virtually every small business owner or contractor should have some type of general liability insurance.If you want general liability insurance and property coverage, you can bundle them into an insurance policy for business owners, also known as BOP. A BOP offers liability coverage for customer injuries, property damage, and product-related claims, in addition to coverage for commercial buildings and movable property. Insurers often combine several insurance coverages into a package that is sold as a single contract. The most common policy for small businesses is the Business Owners Policy (BOP).
This type of coverage is ideal for owners of small and medium-sized businesses, such as restaurants, retail stores and wholesalers. Businesses that provide services to customers may need Errors & Omissions (E&O) coverage. B2C companies often use E&O coverage to protect against claims that their services caused customers financial hardship or bodily injury.
Commercial auto insurance
is necessary if you have vehicles that are used for commercial purposes, dump trucks, cranes, snow plows, semi-trailers or commercial vehicles, vehicles that exceed 10,000 pounds, or vehicles with business equipment installed.Property insurance compensates a business if the property used in the business is lost or damaged as a result of several types of common hazards, such as fire or theft. Business interruption insurance and cyber insurance can protect your business against losses caused by physical and technological disasters. Inland marine insurance is necessary for small businesses with movable commercial assets to protect their equipment, products, or materials while in transit by truck or train. When buying small business insurance and comparing policies, keep in mind that your rates will depend on the specific characteristics of your business.
To help you determine what coverage is best for your company, The Mahoney Group can perform a free, no-obligation risk analysis of your company.
