Part of the responsibility of owning a small business is protecting it against misfortune. Small business insurance is a small price to pay to guard against catastrophic losses from storms, fires, lawsuits, or accidents. Below are some of the key types of coverage to consider as a small business owner.

Important Types of Small Business Insurance

1. Property Coverage

Property coverage consists of two types: premises coverage, which covers the structure of your building, and business property insurance, which covers your equipment, furniture, appliances, and inventory. Both guard against losses due to fires, storms, falling objects, and vandalism/theft.

2. Commercial Auto Insurance

Do you use your vehicle to make deliveries, carry equipment, or travel to customer locations? If so, you likely need commercial auto insurance, as personal coverage doesn't cover claims that arise during business use. It pays for damages to your vehicle and equipment, and it covers liability if you injure someone else or damage their property. 

3. Workers Compensation 

Workers comp pays for medical treatment if you or an employee gets injured or falls ill while performing job-related duties. New Jersey requires businesses with one or more employees to purchase this coverage.

4. Professional Liability Coverage

This pays for losses your clients face due to errors or omissions you commit in a professional capacity. It is essential for doctors, lawyers, accountants, and consultants. It’s also referred to as malpractice insurance.

5. General Liability Coverage

General liability coverage pays for repairs and medical costs if you or an employee accidentally injures someone or damages their property. You’ll also be covered if a visitor slips, falls, and injures themselves while on your property. Finally, it covers the costs of legal fees arising out of an incident. 

For expert assistance designing a small business insurance policy, contact Imperial Agency in Garfield, NJ. They have served clients in and around Bergen County for four decades. In addition to business, home, life, and health, they also offer accounting services, tax preparation, and payroll services. Visit their website to message them online, or call (973) 546-9567 to request a quote.