732.747.0041
Insurance Advisor at Oliver L.E. Soden Agency, Inc

What Types of Insurance Does My Small Business Need?

When you own a small business, there is a lot at stake. Just as you insure your home and vehicle, you should also insure your business. Knowing what type of coverage is right for your business is important, as you don’t need to overpay for coverage options that won’t benefit you.

 

Let’s discuss some of the most popular and necessary coverage options for small business owners.

 

Property Insurance Coverage

 

Small business property insurance is designed to protect your physical property, such as your merchandise, equipment, products and physical location. Your policy may also cover other costs, such as equipment malfunctions or debris removal after a loss.

 

Liability Insurance Coverage

 

Small business liability insurance coverage protects you if a lawsuit were filed against your company. Things happen, so it’s important to be covered.

 

The three types of business liability insurance coverage include:

 
  • General liability coverage protects you if you are sued because of an accident, injury or other type of negligence.

 
  • Product liability coverage comes in handy if your company manufactures a product that is defective or causes injury to consumers.

 
  • Professional liability coverage is helpful if your company delivers services that are negligent.

 

Insurance Coverage for Employees

 

If you employ several employees, you might want to consider additional coverage options. For example, employment practices liability coverage protects you if an employee files a claim against your small business. Also, New Jersey law requires that all employers not covered by federal programs have workers compensation coverage.

 

Insurance Coverage for Business Vehicles

 

Your business vehicles need to be insured just as your personal vehicles do. Fortunately, auto insurance is familiar territory, so talk to your insurance agent about business auto coverage and how it can protect you from accidents in your company’s vehicles.

 

Data Compromise Insurance Coverage

 

A final type of business insurance we wanted to touch on is data compromise coverage. All businesses can benefit from this type of insurance because it covers the legal costs you would incur if the personal data of your employees or customers got into the wrong hands.

 

Conclusion

 

Shopping for small business insurance can feel overwhelming because there are so many things to consider and a wide range of coverage options available. Schedule an appointment with Hal Soden to get the professional advice you need. He will take the time to understand your business and the type of coverage that is right for you.