Different Types of Insurance Small Business Owners Should Get

Because of the pandemic, many people were laid off from their jobs, making them lose their primary source of income. Because of this, many of them decided to start their own small business to help make up for their loss of income. This has helped a lot of people regain their earnings and live better in the midst of the pandemic.

If you’re a small business owner, you need to know that protecting your investment should be one of your priorities. To do this, you need to purchase the right type of insurance for business owners, which will protect your livelihood. Here’s a list to guide you:

Business Owner’s Policy

This type of policy includes every coverage any business owner needs. The policy comes with liability, property, and business interruption coverage. The included coverage in the policy may vary from one business to another, depending on their profiles; some can opt for additional coverage, such as spoilage of merchandise, forgery, or crime.

General Liability Insurance

If someone gets injured in your workplace or if you or any of your workers caused damage to another property, GLI can provide protection in case someone files a claim against your business. It can also cover the medical expenses of the person injured and the legal costs you may incur. However, GLI will not cover intentional or criminal acts even if you are insured.

Commercial Property Insurance

It is crucial for you to protect your place of business and the equipment you use. Commercial property insurance can help protect not only your workplace but also your damaged or stolen property, such as your furniture, computers, documents, and landscaping.

Worker’s Compensation

If you’re running your business with the help of other people, it’s in your best interest to protect their welfare as well. With the help of workers’ compensation insurance, you can give your employees the help they need if they experience work-related injuries. This can cover medical expenses, missed wages, vocational rehabilitation, and even death benefits.

Commercial Auto Insurance

Having a vehicle to use in your operation can help ease your work, which is why you need to protect it as well. Getting commercial auto insurance is a great option for you. Its collision and liability damage coverage may also have a higher limit compared to your personal insurance policy. It covers medical expenses, rental vehicle costs, and damage.

Learn Which Insurance You Need

Like other big companies in the country, your small business is a great investment you need to protect. Running a business is not an easy task, which is why you need to have a safety net in case something goes wrong. At Nicholson Insurance, we’ve got you covered! We offer different types of insurance for business owners, and we’ll help you find the policy that’s tailored for your investment.