Sometimes called small business liability insurance, insures your business against claims by
others. For example; let’s say you’re a CrossFit instructor and you leave your bag at the
entrance of the studio. One of your students trips on it and sprains her ankle. Your business
could be at risk of being sued by that student. Having General Liability insurance protects you
and your business from such lawsuits. As a small business owner, you are legally responsible if
another person gets injured or if their property is damaged.
In any business, mistakes are inevitable to happen. This is where professional liability insurance
comes in. For example; you hire an independent contractor for your spa business. You find out
that he caused tissue damage to one of your clients, even though he stopped the massage
immediately when the client raised her concern. Professional liability insurance will cover your
business against actual or alleged errors and omissions. No matter how confident you are in
your business’s services, having professional liability will mitigate the worries of someone on
your team putting your business at risk from a mistake.
This is more of a combination of general liability and property insurance. One may want to
purchase a business owner policy if your business is not fully remote. For example; your
construction company is preparing equipment before traveling to an excavation site. While on
your company’s property, a crew member damages a forklift while loading it onto a truck. With a
Business Owners Policy, equipment on your company’s property is covered. One thing to keep
a note of is that just because your business has general liability insurance, it does not protect
your business when it comes to your property.
If your business involves using a vehicle to transport your goods to and from your business,
commercial auto insurance would be ideal to look into. For example; you're an owner of a local
coffee shop in the city. You load up your truck with coffee grounds from your business to
transport it to an event. On the way there, your vehicle runs into a ditch and cannot start. On top
of that, one of the employees in the car is hurt and cannot move. Commercial auto insurance
will cover the cost of the accident as well as cover medical bills for the injured employee.
As I mentioned earlier, the insurance industry is constantly changing and shows no signs of
slowing down. While there are many other policies to go over, knowing what your business
needs are is the best way to navigate through it all. But even as a small business owner, you don’t have to manage it all by yourself. At Insurica Express, an agent will be on standby to help
you better understand your current business model, and create a tailored policy that fits your
business plan. Give one of our agents a call today!
