- Personal Insurance Coverage: In general, personal insurance needs should always be kept separate from business insurance. However, it becomes necessary to link personal insurance in case of small business. Under personal insurance, one would require health and disability coverage, vehicle insurance, life insurance and homeowner’s insurance. Overlapping might occur when personal property is used for business needs.
- Property Coverage: Under this, insurance cover is provided on the business property that includes the building, permanently installed equipment and other fixtures located in the building. Also covered under this policy are contents that are used in the business including any other business properties present at other location and improvements made in the building for the purpose of establishing a business.
- General Liability Coverage: Business should not get affected due to incidents such as injuries to customers or property damage occurring to people when they are present at the business site. Somebody running a small business can run into huge losses when a postal worker sues the business owner for a dog bite incurred during a delivery to the business location. These types of damages are covered under this policy.
- Product Liability Coverage: This type of insurance is required for businesses that make products capable of inflicting harm to others.
There are certain other types of coverage that are essential in a business. These include auto liability insurance, workers compensation insurance, flood insurance, business interruption insurance, professional liability insurance, employment practices liability coverage and key partner insurance.
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