There’s a lot more to business insurance than getting the lowest business insurance quotes. It means understanding your business’s unique needs and the potential hazards that can threaten its success. The Insurance Information Institute (III) offers a good primer on Small Business Insurance Basics, which outlines and explains the major coverages: Property, Liability, Business Auto and Workers’ Compensation. The article also offers a brief explanation of other common business coverages, including coverages for various types of liability.
Many small businesses opt for BOP coverage or Business Owners Policy. This packages several common business coverages in one package, but note that III says:
“BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.”
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