Some Types of Small Business Insurance that Will Benefit You

Some Types of Small Business Insurance that Will Benefit You

There are many types of small business insurance that you can get to protect your business. But since this is a small business we are talking about, of course you cannot use too much budget to purchase insurance policy. The good news is, you don’t have to get all types of business insurance to keep your business protected. As long as you choose the ones that is suitable for your business activity, then you have done the right thing. Here are some business insurance types that might match your business.

Property Insurance
If you are running your business in your own property, then your property becomes a very important foundation of your business. Property insurance can be pretty expensive, but so does the cost of repair in case something bad happens to the property. It will protect the building as well as the items inside it from many accidents including the ones called Acts of God (flood, fire, earthquake, etc.) and also robbery and vandalism.

General Liability Insurance
This is one of the most common types of small business insurance. As a matter of fact, this is where you should start if you are not sure which one you should get or your budget is limited. It covers plenty of aspect from property, product and service and also employee to some extent.
If your service or product causes harm to a buyer or a third party that uses your product and service, this insurance can protect you in case of lawsuit. Just because you are a small home-based business, it doesn’t mean that a customer or supplier cannot sue you. The cost of hiring attorney to face the lawsuit can be very expensive. If you are protected by this insurance, the cost will be covered by the insurance company according to the premium that you pay.

Professional Liability Insurance
If you are providing professional service for your customer, general liability insurance will not be enough to protect you. Instead, you will need to get professional liability insurance. No matter how small the scale of your business is, if you are providing professional service, you will need to purchase this insurance plan. Professional service is very prone to lawsuit. Sometimes it can be your fault due to failure to provide satisfying service, but sometimes it can be a misunderstanding from the client side. The point is, this is one of the most important types of small business insurance that you cannot afford to miss.

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