Business insurance is an umbrella term that refers to many different types of policies. These are the most common types of policies that small businesses require:
Commercial General Liability (CGL) – this is the most basic policy required by businesses. It protects businesses if they are found legally liable for injuries to a third party caused by their products or services. If insurance was Thanksgiving, CGL would be the turkey. You can’t have Thanksgiving without the turkey
Professional Liability Insurance– this policy is essential for small businesses that provide a service. A professional liability policy protects the business owner from claims of errors and omissions in their services to their clients.
Commercial Property Insurance – if you own a large office space, inventory or expensive equipment, you have probably spared some thought to the possibility of perils such as fire, flood and theft. A commercial property policy will cover protect your property which is essential for the day-to-day operations of your business.
If you own large office space, costly inventory or expensive equipment, protect your property with a commercial property policy. Fire, flood or theft can cripple a small business so it is important to insure everything that is valuable.
Other types of policies worth looking into:
Most people can, but of course, it’s not realistic to expect small business owners to keep dialing different brokers. Fortunately, insurance is evolving. Small business owners can now get a free online insurance quote in a matter of minutes and compare it to their current policy. No more excuses to throw away money.