What Types of Business Insurance Should I Have?

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10 Types of Business Insurance You Need

Business Insurance helps protect your business from a variety of risks, including fire, theft, and bodily injury. Having business insurance can help cover the costs of property damage, liability claims, and lawsuits.
Without the right insurance coverage, you’d be responsible for paying for damages or medical bills out of pocket.
To figure out what kind of coverage you need, start by asking yourself, “What business insurance should I have?”
These policies might be what you’re looking for:

1. Business Owner’s Policy

You can combine business property and business liability insurance into a single policy with a Business Owner’s Policy (BOP). These combined coverages help cover the costs of:
  • Property damage
  • Bodily injury
  • Personal and advertising injury
It’s important to consider a BOP if you:
  • Run your business from a physical location
  • Could potentially face a lawsuit
  • Store digital property that’s vulnerable to damage or theft
You can also add additional coverages to your BOP to tailor it to your business’ unique needs.

2. Workers’ Compensation Insurance

Workers’ compensation insurance, or workers’ comp, gives benefits to your employee if they suffer a work-related injury or illness. While they recover, this coverage helps pay for their medical care and missed wages. It can also provide financial assistance to a deceased worker’s family.

3. General Liability Insurance

General liability insurance, also known as business liability and commercial general liability insurance, helps protect your business from claims of:
  • Property damage
  • Bodily injury
  • Advertising injury
  • Reputational harm

4. Business Income Insurance

Business income insurance can help replace your lost income if you’re unable to open because of a covered event, like a fire or theft. So, if a windstorm knocks down your power lines and causes a fire in your building that forces you to shut down, this coverage can help recover your lost income until you can reopen.

5. Data Breach Insurance

If a data breach occurs and your business loses personal information, data breach insurance can help pay the associated costs. This can include notifying impacted individuals and helping restore the public’s confidence in your company.
Depending on the level of coverage you choose, data breach insurance can also help cover the costs of:
  • Identity protection solutions
  • Legal fees
  • Public relations

6. Commercial Auto Insurance

Commercial auto insurance helps cover the costs if you or your employee is at fault of an auto accident, helping pay for damaged property and medical expenses. Consider a commercial auto policy if your:
  • Company owns, leases or rents vehicles
  • Employees use their personal vehicles for business reasons
  • Workers operate company vehicles

7. Commercial Flood Insurance

commercial flood insurance policy can help cover repair costs if floodwater damages your business’ property, such as your:
  • Floors
  • Walls
  • Ceilings
  • Equipment
  • Fixtures
  • Inventory
A commercial flood insurance policy is important to have if your business property insurance doesn’t cover flood damage.

8. Commercial Property Insurance

commercial property insurance policy helps protect the building and equipment your business owns or leases, such as:
  • Tools
  • Equipment
  • Inventory
  • Furniture
You can also add coverage to help protect other important parts of your company, such as valuable papers and records coverage.

9. Commercial Umbrella Insurance

Lawsuits can be more costly than you expect. If the costs of a claim exceeds the limits of your primary policy, commercial umbrella insurance can extend your liability coverage. Without this extended coverage, you may have to pay costs that exceed the limits of your primary policy yourself. 

10. Professional Liability Insurance

Professional liability insurance is also known as errors and omissions insurance. It helps protect you and your company if you’re found at fault for services that caused a client or customer financial loss. This insurance is important to have if you work directly with customers.

How Much Does Business Insurance Cost for Startups?

The cost of business insurance can vary based on a number of factors, like: 
  • The type of coverage you choose
  • Your level of coverage
  • The size of your company
  • Your unique coverage needs

The Best Business Insurance for Mature Businesses

No matter what type of business you run, having business insurance can help. From home-based businesses to large businesses and everything in between, we’re here to help small businesses get the coverage they need.
There are many different insurance companies that offer a variety of coverages. Finding the one that fits your business best is important. We’re backed by over 200 years of experience. Our small business insurance specialists help business owners find the right coverage for their company every day. And if the unexpected happens, our team is here to help guide you through the claims process. To find out more, start by getting an online quote or calling us at 855-829-1683.
The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature.
The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In Arizona, New Hampshire, Washington and California, the insurance is underwritten by Hartford Accident and Indemnity Company, Hartford Casualty Insurance Company, Hartford Fire Insurance Company, Hartford Insurance Company of Illinois, Hartford Insurance Company of the Midwest, Hartford Lloyd’s Insurance Company, Hartford Underwriters Insurance Company, Maxum Casualty Insurance Company, Maxum Indemnity Company, Navigators Insurance Company, Navigators Specialty Insurance Company, Pacific Insurance Company, Property and Casualty Insurance Company of Hartford, Sentinel Insurance Company, Ltd., Trumbull Insurance Company and Twin City Fire Insurance Company. The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries, including Hartford Fire Insurance Company.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.
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