What Types Of Business Insurance Should My Small Business Carry?

Investing in business insurance is a great way to protect your company through tough times. While you may never need to use certain coverage, it's always better to be safe and carry coverage in case an unexpected event happens. There are various types of business insurance that you can consider purchasing. Are you wondering which ones you need to buy? Keep reading to learn more about the different types of business insurance and see which coverage may be a good fit for your small business: 

General Liability Insurance: This is business insurance that will help to protect you if you're ever dealing with liability claims involving property damage, bodily injury, libel, or slander. If you find yourself dealing with a lawsuit, you can use this insurance to cover legal costs and medical expenses. 

Property Insurance: Commercial property insurance is another option to consider if you own a business of any size. This coverage will protect your place of work and can cover things like furniture, equipment, electronics, tools, and inventory. If something happens to your place of business or the belongings inside of it, you can use your property insurance to help cover repair costs or replacement costs. Without this type of coverage, it can be devastating to deal with life-changing situations like fire, theft, or storm damage. 

Workers' Compensation Insurance: If you have staff members who work for you, it's important that you carry workers' compensation insurance. This insurance will help to cover costs if an employee has a work-related accident or injury. You can use your benefits to take care of medical costs, lost wages, disability benefits, and funeral expenses. Even if you think that your workplace is safe and no injuries will ever occur, it's always best to consider carrying this coverage to protect your employees and your business. 

Commercial Auto Insurance: If you or your employees use cars for work purposes, commercial auto insurance is really a must. This coverage can help to pay for costs related to an accident where you or one of your employees is at fault. This includes property damage as well as medical costs. 

These are some of the business insurance options to consider. Any size of business, including a small business, needs to consider carrying the right insurance. Without insurance, it can be hard to recover after certain situations. If you're ready to look into commercial auto insurance or any other business insurance, reach out to an insurance agent.