3 Types of Insurance You Didn’t Know Your Small Business Needs

Insurance coverage may not be the first thing that ataşehir bayan escort comes time mind in the day-to-day running of a small business, but it is important. Here are three types of insurance that you may not have realized your small business should probably have.

General Liability

Many states require liability insurance for certain types of business, and with good reason. Without the right coverage, you could be held responsible for a host of costs that can quickly deplete your financial resources.

Common examples are property damage or bodily injury to someone other than an employee. This could be a customer, but it doesn’t have to be. For example, if someone trips on the sidewalk outside your storefront, you may be responsible. Liability insurance Newark DE also covers things costs to defend your business against slander or libel claims or even copyright infringement.

Commercial Auto

Increases in delivery services mean more company cars are on the roads. If you have a company vehicle, then you want to have a commercial auto policy on it. This will cover you plus any employees who drive your vehicles. Always check your coverage details if volunteers or subcontractors will be driving company cars. Commerical policies offer more robust coverage than personal car insurance, so your business assets are better protected.

Workers’ Compensation

Depending on where your business operates, how it is structured and how many employees it has, you may be required to have worker’s compensation insurance. This helps replace income and covers medical expenses if an employee is hurt on the job. Check with your local Department of Labor to determine requirements in your state.

There are some types of insurance that are required of small businesses, while others are just a good idea to ensure financial stability. Commercial auto, general liability, and workers’ compensation coverages are three that every small business should have.