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When you open a small business, you are also opening yourself up to liability, regardless of the industry you are in and the product or service you sell. In order to protect your bottom line and ensure the success of your company, it is essential to purchase various kinds of business insurance. Your precise coverage needs will depend on the nature of your business, but there are certain kinds of coverage that all small business owners need. Below, the knowledgeable team at Mutual Underwriters in Honolulu, HI, shares a few of them.

3 Kinds of Commercial Insurance Your Small Business Needs

1. Professional Liability Insurance

Often called errors and omissions insurance, professional liability coverage protects companies from negligence claims. If a client sues you for damages because of an alleged failure to perform and wins, you will not have to pay for the settlement out of pocket if you have this kind of coverage.

2. Workers’ Compensation Insurance

insuranceIn the state of Hawaii, nearly all employers are required to carry workers’ compensation insurance. The only workers who are not covered under this program are federal employees, some domestic employees, and certain real estate brokers.

Thus, if you hire at least one individual and he or she does not fall under any of the above, you are required by law to purchased workers’ comp coverage. This kind of insurance will protect you from a lawsuit should one of your workers sustain an injury on the job or develop an occupational illness as the result of job duties.

3. Business Interruption Insurance

If your business suffers a catastrophe and all operations must cease for some time, business interruption insurance will protect your financial security by covering the income you are losing. Hopefully you will never have to file a claim, but having a policy will be worth it should your company face a disaster.

If you need to purchase any of the above for your business, turn to Mutual Underwriters. Based in Honolulu, HI, they also have convenient locations in Waipahu, Wailuku, Kailua-Kona, and Hilo. You can learn more about the comprehensive coverage they provide by visiting their website. To discuss your company’s needs and find the insurance policies that are right for you, call (808) 532-2888. 

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