What Is Small Business Insurance?
Small business insurance is designed to help protect businesses. It could provide financial and legal protection for a business if an incident occurs involving business owners, employees, customers, or business property.
Why Do I Need Small Business Insurance?
Without small business insurance, you could be at a greater risk of the effects of being sued. No matter how careful you are, accidents can happen. If something goes wrong with a project, product or process, your employees or customers could file a claim. Small business insurance could cover the cost to defend your company and yourself for business related lawsuits.
Small business insurance could also protect the business against a variety of situations including employee injuries, third-party injuries, and property damage. Associated medical costs for injury related claims may be included as well as the cost to repair or replace business equipment caused by a covered loss.
By getting insurance for your small business, you are purchasing protection. This protection will be there for you if something bad happens to the business. Want more information about insurance? Read our article about reasons every small business need insurance.
What Are The Types of Small Business Insurance?
Every business has different needs when it comes to insurance. Depending on your business you may have specific risks which is why there are several types of small business insurance. Each type of small business insurance addresses different risks.
If the business would not be able to pay for an incident related to a risk on its own, then it may be worth purchasing insurance to help protect the business against that particular risk.
PolicySweet offers a few types of small business insurance, including:
Business Owners Policy
Business Owners Policy (BOP) combines multiple types of business insurance together into a single policy. It can save you time and money from purchasing each coverage separately. BOP coverage from PolicySweet includes three types of business insurance that may make it easier for you to protect your business, it includes:
Workers’ Compensation Insurance
Workers’ Compensation insurance may help provide benefits to employees if they have a work-related injury or illness. It is legally required in many states for businesses with employees.
Home-Based Business Coverage
If you operate a business out of your home, you may want to consider a home-based business insurance policy like HomeHQ. HomeHQ could provide coverage for business liabilities that a homeowner’s or renter’s policy does not typically cover.
What Businesses Do We Cover?
PolicySweet insures several types of businesses, including:
Need Help Determining What Type Of Insurance You Need?
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Does PolicySweet Offer Small Business Insurance In My State?
PolicySweet provides small business insurance in several states. To learn more about coverage in your state, visit our insurance by state page.
Small Business Insurance Articles
