Types of commercial insurance for small business owners

The common awareness about insurance is only limited to health insurance and auto insurance. But in case of small business proprietor there is a long list of commercial insurances which should be availed for the betterment. Let’s have a look which insurance policy is required for a small business:
  • Liability insurance: It is one of the commercial insurance and very important for every business owner There are various types of liability insurance for business, each depending on the need and conditions. It is important in following conditions:
  1. In a condition when business is sued by a third party.
  2. For the help in recovering legal dues.
  3. In process of settlement or award if business is sued.
  4. Help in covering legal cost.
  5. This type of commercial insurance is beneficial in covering damages.
  • Employee’s compensation insurance: This insurance is a kind of mandatory for both small and large business owner as it is considered a right of employee. In some places it is compulsory depending on the number of employee you have which should be at least 5. This is to give insurance to employees in following circumstances:
  1. To pay medical fee
  2. To pay any loss occurred during work.
  3. In case if unfortunately death occur during work then this compensation is paid to the family.
  • Property insurance: It is also one of the commercial insurance offered by insurance consultation. It is to cover damage caused by fire, robbery, flood or a cyclone but the insurance depend on the area one is living and what he choose while having an insurance consultation. This insurance policy also cover the personal building which is within the building. With a wise discussion the furniture, store and other equipment used in office can be insured although business owner need to pay a little more but it is a long term investment.
  • Commercial auto insurance: It is for insuring the vehicles used for business purpose. It is of benefit in case if there is an accident and someone is injured, insurance policy will be liable to pay the cost according to your policy limit.
  • Terrorism insurance: It is offered by some insurance agency to have coverage and protection against any terrorist attack but somehow small business owners do not need it in case if their system is very small or they are in some rented small building.

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