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12 Types of Insurance to Consider for Your Small Business

Insurance can be costly. But it can be even more so when you need it and don’t have it. And there are certain policies you can buy that meet certain needs you may not have considered yet. These policies cover small business owners in the event of:  

  1. Bad Debt (aka Trade Credit Insurance) – Accounts receivable losses due to a customer’s insolvency or default.
  2. Business Interruption – Income loss when a business suffers disaster and during the subsequent rebuilding. 
  3. Data Breach (aka Cyber Insurance) – Client or employee data was lost via a company’s computer network. Covers costs associated with the notification, liability, monitoring, and protection for victims.
  4. Directors & Officers – Legal actions and damages against the activities of board members and officers of a company.
  5. General Liability – Property damages or bodily injury to a third party due to a business’ products or services.
  6. Home-Based Business – Damage to products and equipment related to the business that may not be covered under a homeowner’s policy.
  7. Product Liability – Third-party claims of personal injury or property damage due to the manufacture and sale of a company’s products.
  8. Professional Liability (aka Errors and Omissions Insurance) – Covers against a negligence claim by the client who receives the advice and counsel of a professional services firm.
  9. Property – Damages or loss to company’s facility and its contents due to such events as theft and natural disaster.
  10. Commercial Auto – Damages or injuries involving the business’ vehicles, or employees driving their personal vehicles for company use.
  11. Workers’ Compensation – Wage replacement and medical benefits to employees injured on the job.
  12. Key Person (aka Keyman Insurance) – Compensates the business for financial losses that would arise from the death or extended incapacity of an important member of the business. 

Charles J. Saydek is Senior Manager in the firm’s Private Business Services Group and specializes in tax services and retirement plan audits. ed Public Accountants.

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