5 Things to Know About Small Business Insurance

1. Do I Need Liability Insurance for My Small Business?

In some states, liability insurance is required by law for some industries. However, even if your state doesn’t require it, liability insurance is still important. This is because it’s a type of small business insurance that helps protect you from claims of:

  • Property damage
  • Bodily injury
  • Personal or advertising injury

2. What Kind of Small Business Insurance Do I Need?

Business Insurance Statistics hardware store man and woman Still asking yourself what insurance do you need for a small business? Regardless of the type of business you run, it helps prepare you for the unexpected.

You can benefit from business insurance in a number of ways. For example, commercial insurance coverage can help if:

  • Thieves target your computer shop and take your customers’ personally identifiable information. Cyber liability insurance can help cover expenses, like notifying impacted customers.
  • Your employee gets in a car accident while delivering items for your business. Commercial auto insurance can help cover the damage.
  • One of your accountants makes a mistake that costs your client thousands of dollars. Your professional liability insurance can help cover your legal costs if they sue you.

3. How to Determine Your Business Owner’s Policy Eligibility

A Business Owner’s Policy (BOP) combines three important types of coverage into one policy. BOPs include:

  • Commercial property insurance, also known as business property insurance, which helps protect the building your business owns or leases, along with your tools and equipment.
  • General liability insurance helps protect your business from claims of bodily injury, property damage or personal injury.
  • Business income insurance helps replace lost income if you have to shut down due to covered property damage, like fire, theft or wind.

You may want to consider a BOP if:

  • Your business has a physical location
  • There’s a chance someone could sue you or your business
  • You own or lease property that’s at risk of theft or damage

There are also optional coverages you can add to your BOP, like commercial auto insurance or workers’ compensation insurance to protect your business even more.

4. How Much Does Small Business Insurance Cost?

Every business has different costs for small business insurance. Your cost may be based on a number of factors, such as your:

  • Industry
  • Number of employees
  • Payroll size
  • Claims history

5. Know Your Business Insurance Statistics

Business Owners Policy Eligibility candy store 2 women If you’re researching business insurance, third-party statistics can give you better insight into the coverages you may need. For instance, they can tell you how many accountants faced lawsuits last year which can help you decide how much insurance coverage your accounting firm needs. One website with these statistics is the Insurance Information Institute (III).

Get the Right Small Business Coverage at the Right Price

No Business Insurance woman working from home on computer We’ve been helping protect businesses for over 200 years. In fact, over 1 million small businesses have trusted us to get them property-casualty insurance. This helps protect their businesses from property damage and other liabilities.

We know the insurance industry can be confusing. At Morgan Insurance Group, our goal is to make it as simple as we can for you. We’ll help you find the right insurance coverage for your type of business, all at the right price. If you own retail stores that need business interruption insurance, we can help. We’ll make sure you don’t have to pay any unnecessary insurance costs or extra expenses.

To find out which type of business insurance coverage you need to help protect your small business, get a quote today or call our specialists at 305 222 9001.