5 Types Of Insurance That A Small Business Owner Should Have

​There's always a significant risk when it comes to having your own business. From external factors that could negatively affect your sales to internal risks which involve personnel-related issues. Therefore, as an employer, it's crucial that you get your business the right type of insurance it needs. So if you're planning to start up your own small business, or maybe already have one in operation, here are 5 types of insurance that you need to make sure you have.

​1. Business Owner's Policy 
This is a special type of commercial insurance which mostly includes interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. This is a great cost-effective way for small-business owners to have their business insured since it is typically provided as a bundle based on your business needs.

2. General Liability Insurance
Every business aims to provide a product or service that would provide a positive experience for their customers. Although the last thing that you need is to get complaints about your company, employees, or products, it's important to be prepared in case it does come up. This insurance helps give you coverage in case you're faced with allegations of having caused bodily injury or property damage to your customers or any third party. 

3. Worker's Compensation
Your employees are going to be your biggest asset, and if they experience an injury on the site, you want to be able to provide and care for them. This type of insurance works in a way that you will be able to give the needed wage replacement and medical benefits for them, and they, in turn, will be asked to give up their rights to sue your company for any damage caused. This is a very important insurance to have so that you won't have to worry about any legal implications.

4. Professional Liability Insurance
This is a type of liability insurance which helps to protect professional advice- and service-providing companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. 

5. Data Breach
In a business, it’s normal for you to have sensitive or non-public information about your employees or clients on your computers, servers or in paper files. And you will, of course, be responsible for protecting the said information. In case a breach would occur, this insurance will be beneficial in protecting your business from all the damages and losses.

Final Thoughts
As they say, "prevention is better than cure." So if your business still doesn't have any of the insurance mentioned on this list or any insurance for that matter, then you may want to pause and consult with an insurance company to make sure that your business is well protected from any possible dangers that you may encounter. This is essential in making sure that your business continues to operate as it should. 

At Arnold, Bruce & Doerfler Insurance, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (503) 222-1951. Get your free quote today by CLICKING HERE.