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Every Small Business Should Consider Carrying Thirteen Types of Insurance

According to a 2012 article by prestigious business magazine Forbes,there are thirteen types of insurance every business owner should consider carrying, regardless if the business is either big or small:

General Liability Insurance: Provides defense and damages in the case of third-party property damage or injury.

Property Insurance: Protects inventory, business interruption or loss of earning (an optional insurance)

Business Owner’s Policy (BOP): Policy packages serve with cost-saving bundles for owners.

Commercial Auto Insurance: Protects company vehicles and can be extended for customers who drive their own cars on business.

Worker’s Compensation: Dispenses special wage and medical benefits to injured employees on the job, without any litigation or legal contest needed to accrue those benefits.

Professional Liability Insurance: Also known as Errors and Omissions Insurance, the policy covers improperly rendered services. Due to the nature of work, this insurance is most often placed for professional firms and offices such as lawyers, accountants, notaries, and hair salons.

Directors and Officers Insurance: Covers costs or damages that could offset business profitability.

Data Breach: Protects against any breach of sensitive or confidential information.

Homeowner’s Insurance: Protects against damages in the home, its items, or causal accidents.

Renter’s Insurance: A sub-set of Homeowner’s Insurance, this insurance protects only those that rent their home.

Life Insurance: Allows peace of mind by protecting an individual against death.

Personal Automobile Insurance: Has a dual function of covering every type of vehicle and bodily injury.

Personal Umbrella Insurance: This insurance is a special extension for other insurances, each bought with increments of $1 million.

At first glance, this informative list of suggested small business insurance types and descriptions for business owners feels costly and overwhelming—unfortunately, insurance costs have tripled in only a couple of years. And, of course, even receiving a fraction of coverage from each insurance must be considered, including location, available credit lines, payroll, natural disasters, and an exhaustive evaluation of the current business environment, whether or not is conducive for protection and growth.

Still, having small business insurance is important in order to thrive—but many questions quickly invade the minds of owners, leaders and retailers: What insurances will protect the business from “every considerable risk”? What types of coverage is advisable for which situations? Which insurances are better at being cost-effective, permissive, and flexible? Are the policies customization enough that are not entrapping nor time-consuming to read and understand? Be sure to consult your agent for advice specific to your business situation.

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About the Author

Matthew Gehrman, CityScape Insurance, LLC
127 W Juanita Ave # 114
Mesa, AZ 85210
(602) 888-1732

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