Insure your Business
Buying business insurance coverage to protect yourself in case of property damage or legal action is always a good idea.
| Insurance type | Business structure | What it does |
|---|---|---|
| General liability insurance | Any business |
This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments. |
| Product liability insurance | Businesses that manufacture, wholesale, distribute, and retail a product |
This coverage protects against financial loss as a result of a defective product that causes injury or bodily harm. |
| Professional liability insurance | Businesses that provide services to customers |
This coverage protects against financial loss as a result of malpractice, errors, and negligence. |
| Commercial property insurance | Businesses with a significant amount of property and physical assets |
This coverage protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. |
| Home-based business insurance | Businesses that are run out of the owner’s personal home |
Coverage that’s added to homeowner’s insurance as a rider can offer protection for a small amount of business equipment and liability coverage for third-party injuries. |
| Business owner’s policy | Most small business owners, but especially home-based business owners |
A business owner’s policy is an insurance package that combines all of the typical coverage options into one bundle. They simplify the insurance buying process and can save you money. |
Source: Small Business Administration (sba.gov)
Visit the SBA's website to learn more on the types of insurance for business owners.