When you own a small business, it's important to protect it financially against the whims of fate—something you can do effectively with the right types of business insurance coverage. Once you have that peace of mind, you can focus on taking your dream to the next level. If you're not familiar with what coverage options you have, below is an overview of some of the most popular types of insurance for small businesses.

5 Types of Small Business Insurance

1. General Liability

General liability insurance pays for repairs and medical treatments if you or an employee accidentally causes injury to someone or damages their property. It also pays for legal fees if the incident leads to a lawsuit.

2. Professional Liability

This type of coverage is ideal for doctors, lawyers, accountants, and consultants who might be sued by a client or patient for damages resulting from their professional activities. It is also sometimes called malpractice or errors and omissions insurance.

3. Property Insurance

Property insurance pays to repair or replace losses of property due to fire, storm, falling objects, vandalism, or theft. You can set limits based on whether the losses are to the building itself or to the contents therein.

4. Workers’ Compensation

Workers’ comp insurance pays for medical treatments for on-the-job injuries or illnesses. It benefits both the owner and employees. Workers get medical treatments they don't have to pay for, but by accepting treatment, they waive their right to sue the company for additional damages. In Georgia, any business with three or more full- or part-time employees must carry workers’ comp business insurance.

5. Key Employee Insurance

In small businesses, a single employee may shoulder a large part of the company's burden or possess essential information that others don't have. For instance, in some cases, this could apply to the top salesperson or the head of the IT department. Loss of such an essential person could damage the business's ability to conduct business as usual. Key employee insurance is a life insurance policy that pays a death benefit to the company if the essential personnel passes away, enabling the business to recreate lost information or bring another worker up to speed.

For invaluable assistance in designing a business insurance policy for your company, contact Blocker Insurance Agency in Cleveland, GA. They’ve been serving clients throughout White County for more than a decade, specializing in business, home, life, health, and auto insurance. Visit their website to learn more about the agency or call (706) 865-1072 to request an insurance quote.