At Syga Insurance, our goal is to make insurance more simple. If you're unsure what type of insurance you need, look at the list below of the most common and essential types of insurance for your business
General liability insurance helps protect your business from claims that it caused bodily injury or property damage to someone else. For example, if a customer slips in your store, this coverage can help pay for their medical expenses. Many small business owners also get a general liability insurance policy that includes product liability insurance. This can help protect their company from claims of bodily injury or property damage that their products cause.
Professional liability insurance helps cover claims related to mistakes in the professional services that your business provides. Let’s say your accounting firm makes a mistake on a customer’s financial statement and they have to pay a penalty. If they sue your business, professional liability insurance can help cover your legal costs. Investing in this coverage can help you save money in claims costs. This coverage is also known as errors and omissions insurance or E&O insurance.
Business income coverage, also known as business interruption insurance, can help replace lost income if you can’t operate because of covered property damage. This includes damage from fires, storms or theft.
Commercial property insurance helps protect your owned or rented building and equipment used to operate. So, if someone breaks into your building and steals your business computers, commercial property insurance can help cover the replacement costs.
Workers’ compensation insurance provides benefits to employees if they get a work-related injury or illness. For example, if an employee gets carpal tunnel syndrome from years of typing and poor ergonomics, this insurance can help pay for their treatment costs. Most states require businesses to have this coverage if they have employees.
Commercial auto insurance helps cover property damage and bodily injury claims if you or an employee gets into an accident while driving a company-owned vehicle for business. So, if your employee swerves off the road while making a delivery and hits a mailbox, this insurance can help pay for the damages.
Data breach insurance helps your business respond to a breach if personally identifiable information gets lost or stolen. It can help cover your costs to: Notify impacted customers or clients Run a public relations campaign to improve your business’ reputation Offer credit monitoring services Some insurance companies may call this coverage cyber liability insurance.
Commercial umbrella insurance extends the limits of certain liability policies that your business has. So, if a claims cost exceeds your policy’s limits, commercial umbrella insurance can help cover the difference.
Employment practices liability insurance, also known as employers’ liability insurance, helps protect your business from employment-related claims. This includes claims of: Discrimination, Sexual harassment, Wrongful termination.
A Business Owner’s Policy (BOP) is one of the most popular types of insurance. It combines: General liability insurance, Commercial property insurance, Business income insurance.
The quick answer is yes. Most businesses need liability insurance for small business. But there are several different types of liability coverage to choose from. The most common are general liability and professional liability.
To learn more about the business insurance coverage you should have, get a quote today.
As an independent insurance agency, we don’t work for insurance companies, we work for you. We represent many different insurance companies that offer a wide variety of coverage options and price points. There’s no need for you to accept one quote from one company, and there’s no need for you to spend time filling out many different online applications to get your own quote comparisons. With our connections and our knowledge of the market, we can often find a better value for your insurance dollar than you might find searching on your own. We do the shopping. You do the saving. Our goal is to find you the right blend of price, coverage, and service.
Small business insurance costs can vary between companies. That’s because not everyone needs the same type of insurance and insurance companies use different factors to determine cost.
Having this information ready will help speed up the process of getting your business insured.