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Small Business Insurance: What It Is, What It Covers And Why You Need It

Small business insurance, sometimes called commercial insurance, helps cover a business' assets, property and income against certain losses. A business owners policy (BOP) offers three basic types of coverage to help protect a business: business property coverage, general liability coverage and business interruption coverage. If you're a small business owner, you may be able to buy additional coverages to customize your policy based on your specific operation and needs.

WHAT DOES SMALL BUSINESS INSURANCE COVER?

A business owners policy helps protect your business against financial loss and covered perils. Covered perils typically include theft, fire, wind, falling objects and lightning. It's important to read your small business policy carefully to understand which specific perils are covered by your insurer.

GENERAL LIABILITY COVERAGE

A business owners policy typically includes general liability coverage. If someone is injured at your business as a result of your negligence, general liability coverage may help pay for their medical expenses. It may also help pay for legal costs if you're taken to court over an accident that occurred at your business. Commercial general liability insurance is subject to a coverage limit. If an injured person's medical expenses exceed your coverage limit, for example, you may have to pay out of pocket to cover the rest.

BUSINESS PROPERTY COVERAGE

The property insurance in a business owners policy helps protect your business' building (if you own it) and its contents against covered perils. For example, if your building is damaged by fire, your property coverage may help pay for repairs. Or, if your business' furniture is stolen, your property coverage may help pay to replace it. Keep in mind that this coverage has a deductible and limits. The deductible is the amount you pay out of pocket toward a covered claim. You may be able to select your deductible amount when you buy property coverage. The limit is the maximum amount your insurer will reimburse you for a covered claim. You can choose your property coverage limits based on the estimated cost to rebuild, repair or replace your business' property. If your losses exceed the coverage limit you've chosen, you will have to pay out of pocket to finish repairs of your building or replacement of your business property.

BUSINESS INTERRUPTION COVERAGE

Business interruption coverage, sometimes called business income coverage, is typically part of a business owners policy. This coverage helps replace lost income and increased expenditures if your business is affected by a covered peril. For example, if a fire makes your office uninhabitable, business interruption coverage may help pay for you to rent a new workspace during repairs. This coverage is subject to limits. The limit may include a dollar amount as well as a time period. Ask your agent about the types of limits on business interruption coverage.