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  • Writer's picturejoseph retcho

What Insurances Are There for Small Businesses?

Updated: May 12, 2023

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It could have started as a hobby or as a risky career move. You created your company for a cause and made a substantial investment. Business insurance coverage protects your investment from the financial consequences of unanticipated events such as an employee accident, a lawsuit, a natural disaster, or a man-made calamity.

In addition, a good business insurance agency can provide insights and recommendations on business insurance coverage to help you manage risks and avoid claims. As a result, making wise decisions about your commercial insurance coverage can have a big impact on the overall health of your company.

Here are few examples of common small business insurances

Combines property and liability insurance to provide a bundled, affordable solution that meets the general needs of your small business. BOP insurance helps cover your business from claims resulting from things like fire, theft or other covered disasters. Business owners’ insurance also helps cover claims that could arise from your business operations. These include claims of bodily injury or property damage. They also include claims related to personal and advertising injury. BOP insurance coverage is highly customizable.

Provide benefits to your employees and protect your business when a work-related injury occurs. It assures that injured workers get medical care and compensation for a portion of the income they lose while they are unable to return to work and it usually protects employers from lawsuits by workers injured while working. New Jersey law requires that all New Jersey employers, not covered by Federal programs, have Workers' Compensation coverage or be approved for self-insurance.

Protect your business from liability risks resulting from professional services, advice or recommendations provided by your business. It protects professionals such as accountants, lawyers, and physicians against negligence and other claims initiated by their clients. Professionals with expertise in a specific area require this type of insurance because general liability insurance policies do not offer protection against claims arising from negligence, malpractice, mistakes, or misrepresentation.

Employment Practices Liability

Protect your business from liability risks if an employee should claim wrongful employment practices. Employment Practices Liability Insurance (EPLI) includes coverage for defense costs and damages related to various employment-related claims including allegations of Wrongful Termination, Discrimination, Workplace Harassment and Retaliation.

Whether you have employees driving occasionally to an off-site meeting or a fleet of drivers delivering products to customers every day, protect your business on the road. Commercial auto insurance is a business insurance policy that applies to autos owned by or used in your business that protects your business against liability for damages caused by accidents involving your business autos and provides certain compensation to occupants of your business autos injured in accidents

Commercial Umbrella

A powerful layer of protection for your business when a catastrophe occurs. Commercial umbrella insurance extends the limits of certain liability policies. This includes general liability insurance and commercial auto insurance. In other words, commercial umbrella insurance complements your other liability coverages by taking over when your other liability coverage limits have been reached.

Management and Professional Liability

Flexible coverages such as Fidelity and Crime, Fiduciary Liability, Kidnap & Ransom, and Directors & Officers for your business. Management and Professional Liability insurance refers to the suite of products that offers to help protect organizations from the risks of operating in the 21st century. Regardless of whether your company was at fault, these risks can come from customers, who perceive that you made a mistake that caused them financial loss or reputational harm, or from employees, who could claim that they were treated unfairly.

Management and Professional Liability insurance coverage can help minimize the potential financial damage your business could incur when faced with such claims. Talk to your independent agent to learn more about your specific risks and which products may be right for your organization.

Protection for your small business in the event that someone makes a claim against it. A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees. It covers non-professional negligent acts. A CGL insurance policy will usually cover the costs of your legal defense and will pay on your behalf all damages if you are found liable—up to the limits of your policy. CGL coverage is one of the most important insurance products, due to the negative impact that a lawsuit can have on a business and because such liability suits happen so frequently.

Helps protect the business property you own, lease or rent, including assets like your buildings, equipment, and inventory. Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. Earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy.

Contact us and get your business insurance coverage quote.

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