Small Business Insurance 101: The Must-Haves and the Surprising Types You Never Knew Existed
As a millennial, I understand the importance of being informed and educated about the various options available to small business owners. Insurance is no exception. It's crucial for small business owners to understand the different types of insurance available to them, including those that they may not have heard of.
First, let's talk about the most common types of insurance that small business owners should be familiar with:
General Liability Insurance: This type of insurance protects your business from third-party claims of bodily injury or property damage. This can include things like slips and falls on your property, or damage caused by your products or services.
Property Insurance: This type of insurance protects your business's physical assets, such as buildings, equipment, and inventory. It can cover losses due to things like fire, theft, or natural disasters.
Workers' Compensation Insurance: This type of insurance is required by law in most states. It provides benefits to employees who are injured or become ill as a result of their job.
Now, let's talk about some types of insurance that small business owners may not have heard of:
Cyber Liability Insurance: This type of insurance protects your business from losses caused by cyber attacks or data breaches. As technology continues to advance, this type of insurance becomes more and more important for small businesses.
Professional Liability Insurance: Also known as errors and omissions insurance, this type of insurance protects your business from claims of professional negligence or malpractice. This can include things like mistakes made by your employees or failure to deliver on a contract.
Business Interruption Insurance: This type of insurance can help cover the costs associated with your business being unable to operate due to a covered loss. This can include lost income, as well as expenses such as temporary relocation or payroll.
In conclusion, as a small business owner, it's important to be aware of the different types of insurance available to you. While the more common types such as general liability, property and workers' compensation are important, there are other types of insurance available such as cyber liability, professional liability, and business interruption insurance which you may not have heard of but are equally important. It's always better to be informed and have the right coverage in place, rather than being caught off guard in case of an unexpected event.
