7 Must have insurance policies for small business owners

Just like life, health and home, you need business insurance - even if you are operating a small business. Today we are enlisting 7 must have insurance policies for small and medium business owners. 1) Business owner’s policy: A business owner’s policy includes all the coverages a business owner might need. These are property insurance, vehicle coverage, liability insurance, interruption insurance, and crime insurance. As per your firm’s specific needs, you can decide what should include and what not in the BOP. 2. Property Insurance: If you are not renting your business place and it’s your own property, you should consider purchasing a policy that will protect your interest in case there is a fire, smoke, theft, or damage due to vandalism. A property insurance would also cover your office equipments like computers, inventory and other tools. 3. General Liability Insurance: Each and every business, even if it is a home based business, must have a insurance. A general liability insurance policy offers both protection and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party. 4. Professional Liability Insurance: This kind of insurance is also known as Errors and Omissions Insurance. Such a policy offers coverage to damages if you fail to or improperly render your services. If you are a lawyer, consultant, notary, accountant, doctor, insurance agent, real estate agent, hair salon, technology solution provider and any other profession who render direct services, you might need professional liability insurance. 5. Worker’s Compensation: If any of your employees gets injured while working, worker’s compensation insurance would cover for the wage and medical benefits. Against this, the employee revokes his right of suing the employee for the incident. For small businesses, having worker’s compensation insurance is very significant since it’ll save your from unprecedented legal complications. Being a small business owner you should get it since non-compliance can be very problematic. 6. Homeowner’s Insurance: If your small business is based out your home, a home insurance could be the single most important thing to have. This policy would come to your rescue in case there is a damage to the home or the properties inside the home. Moreover, this policy may protect you from accidents that happen inside your home and due to your negligence. 7. Commercial Auto Insurance: It’s quite understood that this type of insurance is going to insure your company’s vehicles - vehicles that carry your employees, product or equipments. Commercial auto insurance can cover your work cars, SUVs, vans and trucks from damage and collision.