Policy 101

Navigating the insurance world can be overwhelming on its own. Knowing what coverage works for your business can be even more so. Here is a helpful crash-course on basic policy plans.
Andrew J. Kasper
4
min read

General Liability

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.

Professional Liability

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.

Business Owner Policy

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.

Commercial Auto Insurance

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!

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