What Type of Business Insurance Do I Need?

Business insurance is essential to any business owner, but especially a small business owner who typically starts out and grows their business as their revenue increases. When you are starting your business with little money, you need to transfer the risk of something going wrong like your laptop being stolen, equipment breaking or a customer falling in your store. But with so many types of insurance, what do you need when it comes to business insurance? Here are the basic types of business insurance that you should consider to protect your investments and assets:

  • General Liability Insurance: This is a broad policy that covers your business against the legal challenges that come from accidents, negligence claims or injuries. If there’s an accident at your store or a client is injured, general liability insurance can cover the legal fees that result.
  • Professional Liability Insurance: If you’re in a profession where you’re providing a service to the customer such as dentist or massage therapist, you need to have this to protect you from human error, malpractice or negligence as you serve your customers. Some professions are required by law to carry professional liability insurance.
  • Commercial Property Insurance: This relates to the property on which your business is run, covering loss and damage of assets due to events like smoke, fire, vandalism and severe weather. This coverage can vary but it generally includes lost wages, buildings, computers, money, documents and business interruption caused by the event.
  • Product Liability Insurance: This insurance covers you whether you manufacture, distribute, wholesale or retail sell a product. It protects against financial loss from a defective product that causes an injury to a consumer.
  • Home-Based Business Insurance: Your homeowners insurance or renters insurance generally doesn’t cover your business. You may be able to add on riders to increase the amount of insurance, but business insurance is specific to the needs of home-based businesses.
  • Business Owner Policy: A comprehensive package that offers the most common types of coverage bundled together to save you time and money.

It’s always best to compare the various business insurance policies with an independent insurance agent to ensure that your business is fully covered when accidents happen. Once your agent knows about your business, they can recommend the best types of business insurance that will meet your needs and fit your budget.

We’ve got you covered. Call Key City Insurance at (866) 466-2109 for more information on Victorville business insurance.