Small Business Insurance is a term which incorporates many insurance options for a business. Your business insurance policies protect you for a variety of losses. Some of these coverages are required by contractors you work with, owners of buildings where your business is, or even state agencies which require it.
The most requested coverage a small business needs is Commercial General Liability. Liability insurance covers you for accidents that are your fault or occur on your property. General Liability coverage can be rated on a variety of things which include; sales, payroll, and square footage. This depends on the business and the rate can vary depending on the kind of business as well as how much exposure a business may have.
The second coverage a small business would need is Commercial Property coverage. This covers everything from the Building you own to the contents inside it. Commercial Property insurance can be limited to the most basic of coverages and can be as broad as to include theft.
Typically Earthquake or Flood coverage is separated from a Commercial Property or the coverage can be endorsed on.
Amazing article. Thanks for sharing the basics of small business insurance. Its true that every kind of business do needs an insurance policy for the smooth running of all the activities. But there are so many insurance policies available which has made me confused. This post has helped me a lot to know which one is worth to buy.
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