Business Insurance policies for protection of all kinds.
Basic insurance for business firms may include the following. Numbers will vary significantly depending on size, property, limits and deductibles.
Commercial General Liability – covering office risks including property. A small office, including home-based, may run less than $1,000 annually.
Automobile Liability – covering auto property and risks. Even if a firm does not own autos, there is an exposure with rental vehicles and employee vehicles when used for business. Hired and non-owner automobile coverage is available.
Umbrella Liability – adds coverage over the primary package of general liability and automobile liability, usually at a lesser cost. This can be considered at the outset or added later as a company grows. Professional should also consider adding umbrella coverage to their person insurance, checking business exclusions as well.
Workers’ Compensation – covering employees for risks arising out of and in the course of employment, it varies by state and is a % of payroll. Sole proprietorships with no employees (sole proprietor only) may forgo coverage at outset. Evening going forward a sole proprietor may exclude him/herself from coverage but the coverage may be an inexpensive form of disability coverage where workers’ compensation applies.