The most important kind of insurance for most small businesses is general liability insurance. Commercial property insurance is also important. You may be able to combine these two types of coverage into one policy, known as a business owner’s policy or BOP that lets you obtain coverage at a discount.
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Most commercial renters insurance will cover damages to your business inventory, computers and electronic equipments, furnishings, and damages to the building caused by your business operations. Personal property is generally not covered. Damage from natural disasters or from faulty utilities may not be covered.
Small business insurance isn’t the same for everyone. If you are self-employed, check out Hiscox or Next. If your business is large and complex, you should look at The Hartford or Nationwide.
Property insurance policies do not normally protect you in case of damage from floods. Flooding is defined as water inundating an area of normally dry land and affecting two or more adjacent properties or 2+ acres. Your property insurance policy will protect you from other types of water damage, such as a burst pipe, but only flood insurance helps you in the event of an actual flood.
Small Business Riot Damage Relief: What To Expect & How Your Small Business Might Be Able To Get Assistance
The question of who pays for damage following riots is often a tricky one. Business owners generally have several avenues to pursue: insurance, government aid, and/or private support through loans or donations. Success in these avenues can vary wildly from business to business, however. Read on for a look at the history of rioting in America and how small businesses can recoup losses from riot-based damage.
Human resources and discrimination-related lawsuits often settle for large amounts of money. If you have employees, an EPLI insurance policy should be a must for your risk management plan. Without it, you will have to pay to settle these lawsuits out of pocket which could close your small business’s doors forever.
If a third party is injured as a result of your business, and your business is found liable, then liability insurance covers the legal and medical costs associated with physical harm. It does not cover negligence, business malpractice, employee injuries, or vandalism.
Bobtail insurance is a commercial truck insurance endorsement that provides trucks with liability coverage while they’re traveling on the road without a trailer or cargo attached. Bobtail insurance is relatively inexpensive, and most drivers will pay in the ballpark of $400 a year. Factors that determine your cost are your driving record, how often/how far you expect to bobtail, and your policy’s coverage limit.
Does your restaurant have the right insurance? In our complete guide to restaurant insurance, we’ll cover which insurance policies you need, how much it’ll cost you, and where to get the right insurance for your business.
Liability insurance is crucial to protecting your small business from lawsuits and accidents, but not all liability insurance policies are the same. So what exactly is garage liability insurance, and do you need it? And the big question: How much is it going to cost you? Keep on reading to find out.