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Running your business without business insurance is never a good idea, but if you are starting a new business, it is an even riskier decision. At the beginning stages of opening a new business, a lawsuit could have a catastrophic impact on finances and derail your entire operation. Whether it is a new start-up or an existing business, risks of lawsuits from injuries and damages are ever-present. Luckily, there are a number of different types of business insurance that can specifically address unique risks. If you are currently operating your small business without business insurance, take the time to learn about the following options. Your first priority should be to protect your business against the abundance of risk that exists in your business environment. Consider the business insurance options below to mitigate those risks.


General Liability Insurance

General liability insurance can protect business owners from a range of risks, including injury and property damage claims resulting from business operations. The three areas that are typically covered by general liability insurance are personal and advertising injury, medical expenses, and bodily injury/property damage. General liability insurance can be a standalone policy or part of a package. This is the first type of business insurance that all business owners should absolutely consider. A general liability insurance policy is one of the most important steps to cover against the range of lawsuits that could be brought against your company.

Workers’ Compensation

Worker’s compensation, or workmans’ comp, ensures that workers receive lost wages and medical care if they face injury or illness. Worker’s compensation is mandated by state law, although statutes vary by state. As a business with paid employees, you need to make sure you have workers’ compensation now. If a worker is injured on the job, and you are found to lack workers compensation insurance, your business could face serious fines costing thousands of dollars.

Commercial Auto Insurance

If you use vehicles during the course of regular business operations, your business needs commercial auto insurance. Cars, vans, trucks and other vehicles on the policy can be covered against medical expenses and property damage resulting from any accidents that may occur. Commercial auto insurance can also cover damage to company branding, such as logos, on the side of your business vehicles. If your business relies on the use of automobiles, get commercial auto insurance now!

Umbrella Insurance

Just like an umbrella itself, umbrella insurance provides a wide range of coverage. Umbrella insurance fills in any gaps in insurance coverage that are not covered by your primary business insurance. Think of umbrella insurance as an extra safety net for covering any expenses outside of the limitations of your existing coverage.

No matter the size of your business, it is crucial that you are informed about your business insurance options and consider the best coverage for your needs. Understanding all of the aspects of business insurance will allow you to create a comprehensive business insurance plan that fits all of your coverage needs without leaving any gaps.

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