Speak to insurance agents to find out what kinds of coverage makes sense for your business, and compare terms and prices to find the best deal for you. Here are six common kinds of business insurance to look for.
| Insurance type | Who it’s for | What it does |
|---|---|---|
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General liability insurance
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Any business.
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This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.
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Product liability insurance
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Businesses that manufacture, wholesale, distribute, and retail a product.
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This coverage protects against financial loss as a result of a defective product that causes injury or bodily harm.
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Professional liability insurance
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Businesses that provide services to customers.
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This coverage protects against financial loss as a result of malpractice, errors, and negligence.
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Commercial property insurance
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Businesses with a significant amount of property and physical assets.
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This coverage protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.
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Home-based business insurance
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Businesses that are run out of the owner’s personal home.
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Coverage that’s added to homeowner’s insurance as a rider can offer protection for a small amount of business equipment and liability coverage for third-party injuries.
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Business owner’s policy
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Most small business owners, but especially home-based business owners.
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A business owner’s policy is an insurance package that combines all of the typical coverage options into one bundle. They simplify the insurance buying process and can save you money.
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