A small business insurance guide can help you choose the appropriate policies to protect your business from the myriad of risks that can threaten it on both large and small scales, from property damage and liability to theft and fraud. In this guide,

we’ll cover some of the most common types of insurance for small businesses, including property insurance and liability insurance, as well as discuss the specific types of coverage you should consider based on your company’s unique needs and your industry. Here are some of the most important points to keep in mind when looking into small business insurance options.

Business Liability Insurance

A basic business liability policy typically covers these types of expenses incurred by a plaintiff: attorney's fees, court costs, jury awards or settlements, punitive damages or fines as well as any settlement offers.

General Liability Insurance

This policy protects your company against third-party liability claims for bodily injury and property damage. If a customer slips on your premises and falls, for example, you're covered. If a thief steals from your store, too.

This protection is critical when you're operating in the real world with all of its potential hazards.

Health, Dental and Vision Insurance

Working with a broker will help you find the right health, dental and vision insurance coverage for your business. Plus, with their help, you'll be able to save money on premiums and get discounts on unrelated policies.

Life/Accidental Death & Dismemberment

The life and accidental death and dismemberment insurance provides the business owner with a source of funds to replace his/her wages should he/she die, be injured, or lose his/her ability to work due to a covered accident. This type of policy is typically purchased on an individual basis.

Umbrella Liability Coverage

The first thing you need to know about small business insurance is that it's not a one-size-fits-all proposition. Depending on your industry and the level of risk you're facing, you might be able to get away with a bare bones policy or you may need complete coverage.

What is absolutely essential is that you take the time to find out which form of coverage will best suit your needs.

Employment Practices Liability (EPLI)

EPLI is a type of insurance that protects businesses from lawsuits and other claims related to their employment practices. In general, the EPLI policy covers things like discrimination, harassment, wrongful termination, retaliation, and unpaid wages.

Professional Liability Policy (aka Errors & Omissions, aka malpractice) Section

Professional Liability Insurance protects you in the event that a customer or other party sues you for something related to your business. It also covers you if someone makes a mistake on your behalf.

Cyber Coverage (aka Cyber Liability, aka Cyber Security) Section

Protect your business from cyber threats. Cyber coverage is an important part of any small business insurance plan, and can cover everything from hacking to ransomware. It's a good idea to have at least some of this type of coverage,

Even if you're not in the tech industry. You never know when one of your clients might be hacked or need to recover data in the event of a ransomware attack.

Employer's Commercial General Liability (ECGL) / Employee Dishonesty / Employee Fraud Exposures Section

Employer's Commercial General Liability (ECGL) coverage protects you from lawsuits for bodily injury and property damage that are caused by your employees on the job. This coverage also protects you from damage to your building or other property.

Some examples of damages include a slip-and-fall in the office, an employee car accident, or even an employee who accidentally spills coffee in the break room.

Employee Dishonesty coverage protects against loss due to dishonest acts committed by your employees while they are at work.

Small Business Insurance