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Q.What types of insurance is available for a small business?
A.Although it can be difficult to determine which kind of insurance a business needs, not having the appropriate insurance can be a costly mistake. Without insurance, the business owner is unnecessarily putting his or her livelihood at risk, which is why many landlords, vendors, and other business entities often require a business to have coverage. Common policies maintained by small businesses include:
- General Liability Insurance ("CGL")
- Business Owner's Policy ("BOP")
- Professional Liability (Errors & Omissions) Insurance ("E and O")
- Property Insurance
- Product Liability Insurance
- Commercial Automobile Insurance
- Extra Equipment Insurance
- Specialized Equipment Insurance
Other Insurance that is available for both the owners and the employees, include:
- Disability Insurance
- Life Insurance
- Health Insurance
- Workers' Compensation Insurance
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