Small business owners have a lot resting on their shoulders. You need to keep track of, and oftentimes do yourself, everything from accounting to marketing. One easily overlooked but necessary consideration is insurance coverage for your business.

Appropriate coverage will depend on the nature and scale of your business. However, there are a few types of insurance coverage most small business owners should have.

General liability insurance

All businesses should carry liability insurance, even those that are home-based or only offer online services. Liability insurance covers you should your products or services be accused of causing bodily injury or property damage. In addition to covering any settlements, it often covers the cost of hiring a lawyer.

Professional liability insurance

Professional liability insurance is designed to specifically cover you should you be sued for improperly rendering your services. Unlike general liability coverage, this goes beyond physical damage and can cover items like income loss to your clients or customers due to problems with your product or services. Once again, it covers both defense costs and settlements.

Property insurance

Homeowners insurance policies do not usually cover property related to business use. Office equipment, computers, inventory or other items in your home that are specifically meant for business use will require a separate policy. In many cases, this is can be achieved as an add-on to your homeowners policy.

Commercial auto insurance

Do you have company vehicles or use your own vehicle for business purposes? Be sure to purchase a commercial auto insurance policy. This type of policy protects vehicles that are used to transport products, equipment and employees. For vehicles that are not company cars but are used for business purposes, you can opt for non-owned auto liability.

Workers’ compensation

Any business with employees requires workers’ compensation coverage. This coverage provides wages and medical benefits to anyone injured on the job.

Business owner’s policy

Business owner’s insurance policies are affordable and customizable packages that allow you to cover exactly what you need without paying for extraneous or unnecessary coverage and add-ons.

Work with your insurance broker to determine the ideal set of policies to ensure the protection of your small business or contact John B Wright Insurance.