The Three Types of Small Business Insurance
If you own a small business and are interested in purchasing business liability insurance, there are three types of liability insurance that you should consider. You are making a wise decision to prepare for any accident or mishap that may occur in the future by investigating the insurance options ahead of you, so let’s take a look at your choices:
- General liability insurance: This type of protection is the primary coverage that will protect your business in the case of someone claiming injury, damage occurring to the land or property, and similar such incidents. For many businesses, this will be the only type of insurance necessary.
- Professional liability insurance: If your business provides services, then consider this type of insurance, which will protect you in the case of malpractice, negligence, errors, and similar types of lawsuits that could assail you.
- Product liability insurance: If your business sells or fabricates products and they are determined to have some flaw, this insurance will protect you from any resulting complications.
Which type of insurance you need, if any, will be determined by the type of business you have and the various risks involved in the work that you do. Each business is unique, so each owner’s insurance needs will differ. Choose carefully!
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