Small businesses, despite their size, face numerous possible risks. The precise risks that any one small business is exposed to depends on its location, whether it has employees, what products or services it offers, and many other factors. For example, a cafe will face different risks than a construction service and the two businesses, therefore, need different coverages. No matter what risks a small business faces, though, small business insurance can likely provide important protections.
What Types of Small Business Insurance Policies Can Businesses Get?
In order to meet small businesses’ diverse insurance needs, insurers offer a number of different small business insurance policies. Some policies that most small businesses can benefit from are:
- Small Business Liability Insurance, which many small businesses choose to obtain due to its protections
- Commercial Property Insurance, which may be used to insure both buildings and items that a small business owns
- Commercial Auto Insurance, which small businesses that own vehicles usually need
- Cyber Crime Insurance, which provides protection against 21st-century threats to data
- Business Interruption Insurance, which can help supplement a small business’ budget if a covered incident causes a reduction in revenue