Types Of Insurance Small Businesses Need

Getting insurance for your business is necessary, even for small businesses. But unfortunately, only 3 out of 10 small businesses have enough insurance to secure them. Generally, there are indeed a lot of other expenses to prioritize. But insurance is just as crucial as those expenses.
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You'll never know when an accident, a lawsuit, or a crisis may hit. Insurance serves as a saving grace to ensure the continuity of your business. Here's a list of insurance you should consider acquiring:

Business Owner's Policy
This type of insurance may cover damage to property and general liability. For example, if a fire or a natural calamity hits your business, BOP insurance may back you up on your property damages. It may also cover situations when your business is accountable for damages to other people.

Business Interruption Insurance
This type of insurance may cover the damage in the aftermath of an accident. Imagine this: A BOP already covered the damages caused by a fire incident. But after that, you still need to fund starting all over again. Now, this is where interruption insurance comes in.

Errors And Omission
E&O insurance may cover your business from lawsuits. The only difference is that E&O may only cover suits caused by mistakes on your part. E&O is common among service businesses.

For instance, an accounting firm made a mistake in computing tax. As a result, it led to tax evasion. The E&O may cover costs when the client decides to sue your business.

Cyber Insurance
This type of insurance may protect your business from cybercrimes. For instance, a theft hacked your database. Cyber insurance may cover the amount it costs you. It may also cover lawsuits connected to such crimes.

These are just some of the insurances you can provide to your business. There are a lot more options. You do not need to acquire them all, though. But you need to obtain those you need. It's best to consult one of our insurance agents for that. They can help you weigh your options and recommend the best plan.

Conclusion
Running a small business doesn't mean you can skip insurance. A small business is not always safe from risks. And without insurance, you're doing a dangerous gamble.

At McClain Matthews Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at  (317) 298-7500. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!