Business insurance can offer important protection against losses from accidents, employee misconduct, lawsuits, and more. Whether you are new to business ownership or simply looking to change up your existing insurance, it is vital to ensure that you have the right coverage for your unique needs. With so many different types of insurance, this is a task that can seem overwhelming. Let’s break down 5 of the more common types of business insurance.

General Liability Insurance

General liability insurance protects your business from claims involving bodily injuries and personal property damage. It typically helps cover medical expenses and attorney fees resulting from bodily injuries and property damage that your business may be legally responsible for. General liability insurance is not typically required by law, but it is a good idea for most businesses to have, especially if you operate a physical location, visit client properties, or run a warehouse.

Product Liability Insurance

Produce liability insurance protects your business from claims stating that a product you produced and/or sold caused bodily injury or property damage to someone else. Individuals can be harmed by how a product is manufactured, designed, marketed, or used. Even if a product is misused, your business could still be held liable for any damages. Any business that produces or sells products should consider this type of insurance.

Professional Liability Insurance

Professional liability insurance protects your business from claims due to negligence, misrepresentation, inaccurate advice, or personal injury as a result of the services you provide. If your client thinks your services caused them a loss, they can sue you, even if you haven’t done anything wrong and you would could be responsible for legal costs. Businesses such as accountants, lawyers, photographers, consultants, and more should consider the type of insurance.

Commercial Property Insurance

Commercial property insurance protects your business from claims relating to prthe operty you own or rent and the tools and equipment you use to operate your business. It covers losses from many sources including fire, burglary, theft, wind, lightning, and more. If you operate a physical building, you should consider this type of insurance.

Home-Based Business Insurance

Home-based business insurance protects your business from claims that your home insurance doesn’t cover. For example, losses relating to business equipment or lawsuits resulting from business practices. If you run a business out of your home, you should consider this type of insurance. It is important to note that whether or not you choose to obtain home-based business insurance, you should alert your home insurance carrier of your in-home business as it could cause parts of your home insurance to become invalid otherwise.

With so many options, it’s easy to accidently underinsure or over-insure your small business. Working with an independent insurance agent can help ensure that you are properly protecting your small business and your financial well-being. To discuss you insurance needs today, give us a call at 844-GANNONS or visit