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Small business owners expose themselves to several risks from the moment they start their company. Thus, it is necessary for businesses to get the right insurance to protect themselves from bankruptcy. The following are five types of insurance small business owners should have.

1. Commercial General Liability Insurance

This type of insurance protects your business against customer claims. For instance, customers that claim they were injured after using the products of a business will be covered by Commercial General Liability Insurance. This insurance also covers property damage caused by the operations of the business.

There are many levels in this insurance. If you get one, you should look for a policy that covers all claims that your customers can possibly make. The policy may cover claims made for injuries that happen within the premises of your office. It may also cover claims of injuries caused by the finished products. It is important to know that the insurance does not cover all risks companies may face though. For instance, it does not cover situations when the products of a business have been recalled.

2. Commercial Car Insurance

Commercial car insurance protects all vehicles used in a business. These vehicles bring employees from one place to another. They are also used in delivering the products of the business. Commercial car insurance protects businesses when accidents happen during a business trip or delivery.

There are many companies offering this type of insurance. So before you buy one, it is important to compare car insurance quotes. It’s the best way to get the best deal and ensure that you don’t struggle financially when your vehicle becomes involved in an accident.

3. Workers’ Compensation Insurance

This type of insurance covers any injury an employee may suffer while at work. Companies should have this insurance the moment they hire an employee. Aside from covering injuries, it also provides medical benefits when an injured employee reports back to work. The insurance also provides compensation to the employee for the working days he has missed. The laws of the state will decide the amount an employee receives for the damages he incurred. There are some states that give more compensation than others.

4. Commercial Property Insurance

This insurance covers equipment, products, tools, and furniture from damage because of fire, theft, or vandalism. Different types of businesses carry this insurance including retailers, manufacturers, and service providers. Because this insurance is so important, it usually takes a bulk of a business’ budget. It is gives the same protection property insurance provides to homes.

5. Business Interruption Insurance

When there’s a catastrophe, a business usually needs to stop manufacturing any of their products. Of course, they lose income when they temporarily stop operation. Luckily, Business Interruption Insurance Companies covers lost income due to natural disasters. However, the policy will only pay if the natural disaster caused the business to lose money. If the business has not been affected by the natural disaster, they will not receive any compensation. The amount paid is also based on the financial record of the company.


Businesses face a lot of risks the moment they start operating. This makes it important for them to get all important insurance policies. Without the listed insurances, the business may face bankruptcy in times of a disaster or accident.

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