What is Small Business Insurance?
Small business insurance is an umbrella term used to describe a range of coverages that provide financial protection against common risks that pose a threat to your small business operations, such as bodily injury, property damage, or failure to deliver a service as promised.
What does Small Business Insurance cover?
The type of coverage you need for your small business will vary based on the industry you operate in and the services you provide. A comprehensive insurance policy package may include:
- Commercial General Liability Insurance (CGL) provides financial protection against claims or lawsuits alleging third-party bodily injury or property damage as a result of your business operations.
- Professional Liability Insurance, also known as Errors and Omissions Insurance, protects professionals against claims or lawsuits alleging negligence, errors, omissions, or failure to deliver a service as advertised.
- Product Liability Insurance protects against claims or lawsuits alleging third-party bodily injury or property damage due to a product you sold or manufactured.
Who needs Small Business Insurance?
The survival of your business can be threatened in a matter of minutes. Regardless of service or industry, all small business owners should consider protecting their business with insurance.
Small business insurance provides financial coverage against many risks you may encounter in your day-to-day operations and cover costs should you be named in a lawsuit.
Your business is unique and your coverage will vary. Speak with your broker to find a policy to suit your needs.
What is the cost of Business Insurance?
For a low-risk small-business, you can anticipate spending approximately $650 annually on a basic commercial general liability insurance policy with a $2M limit.
The cost of small business insurance policy varies according to several factors, such as:
- Industry and Services
- Years of Experience
- Annual and Projected Revenue
Read more about how small business insurance is calculated.
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Frequently Asked Questions about Business Insurance
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