Top Commercial Insurance Coverages for Small Businesses

Operating a small business comes with many risks, from property damage to lawsuits. Insurance is key for managing these risks and minimizing any losses. Here are some of the top commercial insurance coverages small business owners should consider:

Commercial Property Insurance – This covers damage to your business location, equipment, inventory and other contents due to causes like fire, theft, and weather. Business interruption insurance can be added to cover income lost while your business is shut down.

General Liability Insurance – This essential coverage protects you against third party claims of bodily injury or property damage arising from your premises, operations, products or completed work. Defense costs are also covered.

Professional Liability – If you offer professional services like accounting, legal services or consulting, this covers negligence claims brought by clients. Also called errors and omissions (E&O) insurance.

Cyber Liability – Provides protection against losses from data breaches, malware attacks and other cyber incidents, including legal claims brought by customers whose private data was exposed.

Directors & Officers Liability – Covers legal claims against corporate directors and officers over their business decisions and oversight. Necessary for incorporated small businesses.

Employment Practices Liability – Protects against claims brought by workers alleging discrimination, wrongful termination, harassment or other employment-related issues.

Filling gaps in your coverage with tailored commercial insurance ensures your business has a financial safety net in our litigious society. Consult with qualified insurance brokers to review your specific risks.