Estimated reading time: 5 minutes

Return To: Business Insurance – The Ultimate Guide

If you’ve recently started your small business, the last thing that you want is to have accidents or customer complaints. In many cases, you need to shell out money to help cover the damages incurred because of these events. 

Entrepreneurs understand that spending a large amount of money during the early parts of building a business can financially hurt the company. To avoid this, there are business insurance policies that can help soften the impact of these expenses. Read on to learn more about this and have a definite answer to the question, “Do I need business insurance?”

What Kind of Insurance Do I Need for My Business?

You will need different types of insurance policies for both small-scale and large-scale businesses. You need to get these in anticipation of sudden and unwanted events. In this section, you will learn about some areas of your business that you need to cover with different insurance policies.

What Insurance Do I Need for My Business?

There are different insurance policies that can cover all the areas mentioned above. These small business insurance requirements are specifically designed to anticipate unwanted events and serve as financial protection against them.

What Kind of Business Insurance Do I Need?

The insurance policies that you should get will heavily depend on the nature of your business. Here’s a table to make it easier for you to decide:

Type of InsuranceWhat It CoversEstimated Annual Cost
General LiabilityDamages due to products, services, or employees$780
Professional LiabilityDamages due to professional services$1,164
Management LiabilityManagers, supervisors, and other employees who manage the business$1,240
Commercial PropertyOffice equipment, tools, and other things within the business premises$755
Commercial VehicleCompany-owned vehicles$1,704
Business OwnerNon-owner company vehicles, liabilities, business interruption, and other related matters connected to the business and its owner$1,188
EmployeesMedical benefits and wage replacement for employees$1,332
Data BreachElectronic and paper data loss$1,675
Business InterruptionIncome loss during catastrophic events$1,500
Tax AuditExpenses due to audits and relevant professional fees$1,656
Types Of Business Insurance And Approximate Annual Cost

Let Us Know What You Think

It’s important to get business insurance, especially during these unpredictable times. 

We will help you by providing bundles that can get you started. In case you consider expanding your company after a few months or years, you may add more policies or upgrade the bundles as you see fit.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.