Types of insurance a small business owner should have

small business insurance

Types of insurance a small business owner should have

Every business small or big is subject to loss, damage and the owner is not immune from any form of illness let alone death. As such, it is important for a business owner to consider the following types of insurances in his day to day conducting of the business.

  • General Liability Insurance: this policy covers for your employees, products or services
  • Property Insurance: it protects your property from fire, vandalism, theft, smoke damage etc
  • Business owner’s policy: It covers business interruption, property insurance, vehicle coverage, liability insurance and crime insurance
  • Commercial Auto Insurance: it protects a company’s vehicles
  • Worker’s compensation: provides insurance to employees who are injured on the job. This form of insurance provides wage replacement and medical benefits to those who are injured while working
  • Professional Liability Insurance: It is also known as Errors Omissions Insurance; the policy offers defense and damages for failure to improperly render professional services
  • Directors and Officers Insurance: It safeguards the directors and officers of a company against actions that affect profitability or operations of a company
  • Data breach: it’s a policy that offers protection in the event of a business data has been breached
  • Homeowner’s insurance: Protects against damage of your home; it covers all the contents of your home
  • Renter’s insurance: It applies to people who rent their homes; the cover protects a home against physical damage, and contents of the property
  • Life insurance: it protects an individual in the event of death. The insurer will pay a certain amount of money when you die
  • Personal Automobile Insurance: this type of insurance covers all your road vehicles. It has a dual function of protecting the insurer regarding physical damage and bodily injuries resulting from a crash.


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