Types of Insurance Small Businesses Need

 As a small business owner, a lawsuit can cause grave implications before you have found a footing in the competitive market space.

That is why small businesses must put everything in place to ensure they have protection from legal liabilities. In this blog, we have a list of different types of business insurance in Ogden Ut.

General liability insurance.

For small businesses in Utah, general liability insurance is a must for coverage for third-party claims. General liability policy pays for bodily injury, advertising injury, or property damage For instance, if a client gets injured on your premises, you'll need general liability for that.

Professional liability insurance.

General liability insurance doesn't provide enough coverage for businesses that provide professional services such as accounting, or law firms. Professional liability insurance protects against negligence, malpractice, omission, and errors committed by service providers. For instance, if a client initiates a claim against an accounting company for negligence, professional liability insurance will pay for the damages.

Commercial property insurance.

Commercial or business property insurance is more robust than standard insurance for homeowners. It protects your property and assets from theft, fire, vandalism, and natural disasters (depending on your policy). If you have a home-based business, standard home insurance insurance won't protect your assets as effectively as commercial insurance.

Worker's compensation insurance.

Worker's compensation insurance is a government-mandated program to provide benefits for workers. This means that if you have even one or a few workers in your business, you must have workers comp insurance. This form of insurance covers injuries, sicknesses, and accidents in or relating to the workplace. This includes cash benefits, health benefits (partial or full payment), and more.

Product liability insurance.

Companies that manufacture consumer goods are always faced with the constant threat of a lawsuit. Even big companies with the strictest quality control and assurance aren't immune to lawsuits. This is why every business that manufacturers products for sale need product liability insurance. Insurances companies provide policies that are tailored to your specific products.

Business interruption insurance.

When disaster strikes, it may retard or bring your business operations to a complete stop, especially with establishments that require a physical location, eg a retail store. This causes companies or businesses to lose income due to their worker's inability to work. In a case like this, you need business interruption insurance to compensate for loss and help keep your business going.