As a business owner, you face a considerable number of risks each and every day you open your doors for business. Thankfully, there are insurance policies to cover virtually every risk you might ever face. While there are some types of insurance that are required by law (e.g. worker’s compensation), many policies are supplementary but provide your business with vital protection. Listed below are just a few of the many business insurance products you should consider purchasing.

Get started Start Your Incorporation Answer a few questions. We'll take care of the rest.

General Liability

Every business should have liability insurance, even if the business is home-based. This type of insurance will protect you if your products or services cause property or bodily damage to a third party. In addition to protection against payments, liability insurance will also help pay the cost of legal defense in lawsuits and settlement bonds. While there are some types of business insurance that are supplementary, liability is an absolute necessity for businesses small and large.

Ideally, you should purchase a general liability insurance policy shortly after incorporating your business. If you have yet to incorporate, we can help you through the incorporation process. We also offer essential documents that you’ll need to run your business once you’ve incorporated.

Product Liability

If your business involves the manufacturing, distributing, sale, or wholesale of products, you may be held liable for the safety of those products. Product liability insurance will provide you with vital protection against financial losses should a defective product injure a third party. There are no hard and fast rules as to how much insurance you should purchase. It all depends on the products that you produce or sell.

The amount of product liability insurance you purchase will largely depend on the products that you produce or sell. An electronics retailer, for example, would have a much higher risk than a clothing store and would require more coverage.

Commercial Property

Commercial property insurance will cover damages and losses of company-owned property due to natural disasters or vandalism. This is one of the most essential types of business insurance, especially if your company relies on its storefront to generate the bulk of its revenue. In addition to tangible property, this type of policy may also include coverage for lost income, equipment, cash, business interruption, and any company documents you have on file.

There are two types of commercial property insurance: all-risk and peril-specific. An all-risk policy will cover a large range of incidents except for those noted in the policy. A peril-specific policy will cover any incidents that are listed in the policy.

Professional Liability

Professional liability is sometimes referred to errors and omissions insurance. This type of policy will protect you from errors, malpractice, or negligence that may occur when providing your service to customers. Businesses or individuals in certain industries will be required by the state to carry this insurance. Physicians, for example, are required to carry medical malpractice insurance in order to practice in many states.

Business Owner’s Policy (BOP)

A business owner’s policy, or BOP, will bundle many different types of business insurance into one policy to provide comprehensive coverage. These types of policies typically include:

  • Liability
  • Business interruption
  • Property insurance
  • Vehicle insurance
  • Crime insurance

Depending on what your company’s needs are, you can customize the policy to your own specific needs. A BOP is typically the most cost-effective option for business owners as this bundled policy costs less than purchasing each policy individually.

Get started Start Your Incorporation Answer a few questions. We'll take care of the rest.

Get started Start Your Incorporation Answer a few questions. We'll take care of the rest.