First of all, congratulations. Owning and operating a small business is no small feat. We salute you for being a builder and creating value for society.
But you came here for insurance advice, not kudos, and that’s what we’re good at.
The most important coverages for small businesses will depend on the specific needs and risk factors of each business. But there are some common coverages that are typically considered essential for small businesses. These include:
1. General liability insurance: This type of insurance protects a business from claims arising from accidents or injuries that occur on the business’s property, or from the business’s products or services. It covers legal costs and damages that the business may be responsible for, up to the policy limit.
2. Property insurance: This type of insurance covers the physical assets of a business, such as its buildings, equipment, and inventory. It protects against damage or loss due to events such as fires, storms, and theft.
3. Business interruption insurance: This type of insurance provides coverage for lost income and extra expenses incurred by a business when it is unable to operate due to a covered event, such as a natural disaster.
4. Professional liability insurance: Also known as errors and omissions insurance, this type of insurance protects a business from claims arising from mistakes or failures to perform its professional duties. It covers legal costs and damages that the business may be responsible for, up to the policy limit.
5. Workers’ compensation insurance: This type of insurance provides coverage for medical expenses and lost wages for employees who are injured on the job. It is required by law in most states for businesses that have employees.
In addition to these common types of insurance, small businesses may also want to consider other types of coverage depending on their specific needs and risks, such as product liability insurance, cyber liability insurance, and health insurance for employees. It is important for small businesses to carefully assess their risks and consult with an insurance professional to determine the right coverage for their needs.
Why Fortis?
As an independent insurance agency invested in and committed to improving the customer experience, Fortis Insurance Partners is making it quick, easy, and affordable to get the right insurance coverage.
The information on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
