Owning a business is challenging but rewarding. The last thing you want to happen is a lawsuit, property damage, or some event that turns your business upside down. That’s where business insurance comes in to protect your hard work and investments. Just like auto, life, or homeowners insurance, it is important to make sure you have the right coverage for your business.

Here are 8 types of business insurance you should invest in:

1. General Liability Insurance

As the name implies General Liability Insurance covers general financial loss due to bodily injuries, property damage, medical expenses, lawsuits and more. Although it sounds like it covers pretty much everything, make sure you read the fine print and understand exactly what your policy covers, as each one is different. General Liability Insurance is a good choice for any business.

2. Professional Liability Insurance

If your business provides services to customers then you will want to get Professional Liability Insurance. This insurance covers against financial loss from malpractice, errors, and negligence. There is no “one size fits all” when it comes to Professional Liability Insurance, as each business has their own concerns they need to cover.

3. Product Liability Insurance

Product Liability Insurance protects businesses that manufacture, wholesale, distribute, or sell a product from financial loss due to injury or bodily harm from a defective product. This insurance is very important to have if your business sells products, as any business can find themselves in a lawsuit due to a defective product. 

4. Business Owner’s Policy

Business Owner’s Policy insurance is intended for small business owners, mainly those who work from home. This insurance is a bundle option that combines all of the typical coverage options into one package, often helping save small business owners money on insurance.

5. Commercial Property Insurance

For businesses that have commercial property and physical assets at different locations than their home, Commercial Property Insurance can cover loss and damage of their commercial property due to fire, smoke, wind, hail, theft and more. Although it does not cover events like floods and earthquakes. If you are in a high risk area, you will need to get additional insurance to cover those events. Commercial Property Insurance is important for those with a significant amount of commercial property for their business.

6. Commercial Auto Insurance

Any vehicles that are used by the business should be insured. It is important to make sure you insure the car itself, as well as whoever is driving it and to protect against any third-party injuries. 

7. Home-Based Business Insurance

Businesses that are run from the owner’s home should invest in Home-Based Business Insurance. It is added to the owner’s homeowners insurance as a rider and can protect business equipment and against third-party injuries.

8. Workers Compensation

For those who employ workers in Pennsylvania, you must have Workers Compensation insurance as it is the law. Workers Compensation ensures that an employee will have medical and wage-loss benefits if they are hurt on the job. Employers are then covered from lawsuits from any injured employee.

At Small & Son Inc. Insurance you can protect your most important assets, including your business! Call us today at (570) 421-0111 to contact our friendly and professional insurance agents for a personal quotation!