Running a small business comes with its share of risks, from customer injuries to property damage. That’s why having the right small business insurance is crucial to protect your company from unexpected financial setbacks. But with so many options available, what coverage do you really need? In this guide, we’ll break down three essential types of insurance every small business should consider: general liability insurance, workers’ compensation insurance, and commercial property insurance.

 

1. General Liability Insurance

 

General liability insurance is the foundation of any small business insurance plan. It covers legal and medical expenses if your business is held responsible for bodily injury or property damage. For example, if a customer slips and falls in your store, this policy helps cover medical bills and legal fees. It also provides protection against advertising injuries, such as copyright infringement or defamation claims.

 

Why You Need It:

• Protects against customer injuries and property damage claims.

• Covers legal expenses related to lawsuits.

• Shields your business from advertising-related claims.

2. Workers’ Compensation Insurance

 

If your business has employees, workers’ compensation insurance is not just essential—it’s often legally required. This policy provides coverage for medical expenses, lost wages, and rehabilitation costs if an employee gets injured or sick while performing job duties. Without it, your business could face significant financial and legal consequences.

 

Why You Need It:

• Covers employees’ medical bills and lost wages due to workplace injuries.

• Helps protect your business from lawsuits related to employee injuries.

• Required by law in most states for businesses with employees.

3. Commercial Property Insurance

 

Your business’s physical assets—whether it’s an office, storefront, or warehouse—need protection from potential risks such as fire, theft, and vandalism. Commercial property insurance helps cover the cost of repairs or replacement if your business property is damaged. It can also include coverage for business equipment, inventory, and furniture.

 

Why You Need It:

• Covers damages caused by fire, theft, vandalism, and natural disasters.

• Protects business assets, including equipment, inventory, and furnishings.

• Helps minimize financial losses and business interruptions.

Choosing the Right Coverage for Your Business

 

Every small business has unique risks, so your insurance needs may vary. Depending on your industry, you may also need additional policies such as professional liability insurance, cyber liability insurance, or business interruption insurance. The key is to assess your risks and work with an experienced insurance provider like Merchants & Planters Agency to create a tailored insurance plan.

Investing in the right small business insurance protects your company from financial hardships and allows you to focus on growing your business with confidence. By securing general liability, workers’ compensation, and commercial property insurance , you can ensure that your business is well-protected against common risks.

 

At Merchants & Planters Agency , we specialize in helping small businesses find the right coverage at competitive rates. Contact us today to discuss your insurance needs and get a customized quote!