{"id":478,"date":"2019-07-22T22:08:30","date_gmt":"2019-07-22T22:08:30","guid":{"rendered":"http:\/\/www.unitedfinances.com\/blog\/?p=478"},"modified":"2019-07-22T22:08:30","modified_gmt":"2019-07-22T22:08:30","slug":"9-types-of-insurance-every-small-business-should-know-about","status":"publish","type":"post","link":"https:\/\/www.unitedfinances.com\/blog\/9-types-of-insurance-every-small-business-should-know-about\/","title":{"rendered":"9 Types of Insurance Every Small Business Should Know About"},"content":{"rendered":"

Owning and <\/span>operating a business<\/span><\/a> is just as painstaking a process as <\/span>starting the business<\/span><\/a> itself\u2014 and that\u2019s something they don\u2019t prepare you for! There\u2019s no way to accurately predict how business will go, and that\u2019s the very reason why there are so many different types of insurance out there to help support small business owners like yourself.<\/span><\/p>\n

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Designed to give you the peace of mind you need in the event of an untimely emergency or accident, business insurance is a means of <\/span>protection against monetary loss<\/span><\/a>. In essence, these 10 types of insurance are individual forms of risk management than can safeguard you and your growing business from falling into serious financial jeopardy.<\/span><\/p>\n

1. General Liability Insurance<\/span><\/h2>\n

General liability insurance<\/span> is designed to protect your business from accidents that cause bodily injury. Let\u2019s use a real life example: if a customer falls inside of your store and ends up breaking a bone, general liability insurance can help cover the medical costs and attorney fees that may come if you are found legally responsible for the accident.\u00a0<\/span><\/p>\n

Most general liability insurance policies will cover you and your small business for claims involving bodily injuries and property damage resulting from your products, services, or company operations. You may also be covered if you are found liable for damages to your landlord\u2019s property.<\/span><\/p>\n

2. Property Insurance<\/span><\/h2>\n

Property insurance is a top priority for business owners who rent or own their building. It covers damage to everything from inventory and equipment to signage and furniture from fire, storm, or theft. Unfortunately, property insurance does not cover damage incurred by earthquakes or floods. Coverage for these natural disasters fall under different insurance policies.<\/span><\/p>\n

3. Product Liability Insurance<\/span><\/h2>\n

Companies that manufacture products have to ensure they have purchased the product liability insurance with coverage tailor-made for specific types of products. This is because lawsuits can often be filed against the owner or company for damages caused by one of its products, even if every measure is taken to ensure safety of the product. PLI covers such claims and costs incurred by faulty products.<\/span><\/p>\n

4. Worker\u2019s Compensation Insurance<\/span><\/h2>\n

Workers Compensation Insurance is designed to cover medical and disability treatment and death benefits if any of the latter are required as a result of an on-the-clock accident. This includes everything from serious falls to the minute <\/span>development of carpal tunnel<\/span><\/a> syndrome. These accidents can result in massively expensive claims, so it\u2019s always best to be prepared with the proper coverage should anything happen during business operations.<\/span><\/p>\n

5. Commercial Auto Insurance<\/span><\/span><\/h2>\n

Commercial auto insurance helps <\/span>cover financial costs<\/span><\/a> that are the direct result of a vehicle accident. For example, if one of your employees is in a car accident and is found at fault, commercial auto insurance can help cover the associated costs. There are plenty of <\/span>casualty insurance software<\/span><\/a> out there that can expedite the process, but it\u2019s always a smart idea to get the coverage you need before you <\/span>really<\/em> need it.<\/span><\/p>\n

6. Business Owner\u2019s Policy<\/span><\/h2>\n

A business owner\u2019s policy is a customizable policy that includes a number of different insurance a business owner needs. This includes the following:<\/span><\/p>\n