What Are the Main Types of Insurance Small Businesses Need?

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Main Types of Insurance for Small Businesses in San Diego, CA

There’s a broad range of insurance coverage every small business owner should consider. Most businesses will require multiple types of insurance, including general liability, workers’ compensation, property, business owners, commercial auto, and errors and omissions. When it comes to purchasing business insurance, San Diego small business owners can be reassured by the variety of coverage types available that can be easily incorporated into their blanket insurance policies.

General Liability

A small business will be safeguarded in numerous ways with general liability insurance. Your company will be protected from bodily injury claims, lawsuits, and damage claims that can negatively impact your business. Liability coverage will protect your small business against the risk of third-party claims, which also includes claims for damages to another person’s property. It’s important to understand general liability won’t protect your commercial or personal property. This type of insurance product is also known as general commercial liability insurance.

Workers’ Compensation Insurance

If you employ people in your small business, that’s good reason to include workers’ comp coverage. This is a type of insurance that provides your employees with wage replacement and medical benefits. It applies to an employee who gets injured in the course of employment. The coverage protects your business as the employer against any potential claims of negligence.

Business Owners Policy (BOP)

A BOP for small businesses combines general liability and property insurance. For owners of small companies, a general liability policy isn’t designed to protect your own property. To best protect your property needs, you may want to consider purchasing a business owners insurance policy.

Errors and Omissions Insurance

Errors and omissions is an insurance offering that’s commonly used by professional services businesses. It’s liability insurance that protects both the owner and employees from a client’s claim of negligence or inadequate performance of work, and it can help with covering court and settlement costs.

Commercial Auto Insurance

Any of your business vehicles that you or your employees drive would be included under a commercial auto insurance policy. Commercial vehicle insurance can cover cars, trucks, pickups, snowplows, and SUVs. It’s designed to protect the small business, the owner and his or her agents, and the employees who drive the vehicles.

Customized Insurance

Business owners and managers have many options when it comes to insurance products. Different small companies often require unique insurance packages that specifically address their lines of business. For instance, a warehouse or manufacturing facility where large equipment is in use can be covered for losses incurred due to equipment breakdown and damage, which can be devastating for a small business because of the resulting loss of income. Custom-designed insurance programs can save money and keep small businesses running smoothly.

Small business owners need to make sure they protect their companies and employees by purchasing the right insurance coverage. For affordable, reliable commercial insurance as well as homeowners, renters, motorcycle, and auto insurance, San Diego residents call on the trustworthy professionals at Altra Insurance Services. Reach out to us today at 619-474-6666 to learn how we can satisfy all your insurance needs.

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