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Some Top Insurance Policies That Can Boost Your Small Business

Some Top Insurance Policies That Can Boost Your Small Business

All businesses, big and small, face uncertainties. The significant difference between the two is that big businesses are more equipped with resources to absorb the shocks. Small businesses need to be better prepared for risks associated with running their businesses.

Small businesses need protection from different kinds of risks. That's why small businesses' most sought-after insurance needs include General Liability Insurance, Professional Liability Insurance, Business Income Coverage, Commercial Property Insurance, Workers' Compensation Insurance, and  Data Breach Insurance.

So many small businesses have been victims of not knowing which policies are best for their businesses and have often lost their efforts for no fault of theirs. So, if you have a small or medium enterprise, here's a list of the top policies we believe you should pursue to give your budding business the best coverage.


  1. Trade Credit Insurance

Trade Credit Insurance protects the business owner if the customer suddenly becomes unable to meet the contractual obligations putting the small business at risk. With this policy, the insurance covers the insolvent customer allowing the company to survive the shock. Small businesses are always at risk of getting paid. This policy covers such uncertainties.

  1. Income protection insurance

This insurance policy helps you stay on an income if you're unable to work for several reasons. For small businesses, this policy protects the employer or employees who may suddenly be unable to work anymore due to injury suffered at work or illness. This policy is ideal for businesses that have a lot of risks to the employees' health. Workers prefer to offer their services to employers who provide income protection insurance. This can be a boost to Small Businesses.

  1. Private medical insurance

Private medical insurance provides immediate medical care when employees require medical attention to minimize disruption. Since the employees are the major driving forces of small businesses, private medical insurance ensures that the work continues.

  1. Buildings insurance

Suppose the building housing your business is damaged by an unexpected cause like fire or hurricane. In that case, the building's insurance pays for the damages to ensure that the business gets back on its feet as soon as possible. 

  1. Contents insurance

Just like the buildings insurance, the content insurance pays for any damages to the contents of the building in the event of a fire or significant damage.

  1. Product liability insurance

One of the greatest threats small businesses face is from disgruntled customers who claim damages for the use of products. Whenever there's proof of the need for compensation from the use of products, the product's liability insurance covers it, giving the business breathing space.

  1. Public liability insurance

General liability insurance is used to settle such claims if the public claims damages from business activities.

Please note that all businesses are obliged to have the employer's liability insurance to cover workers injured or impaired while on duty.

The Business Owners Policy BOP

Insurance companies may combine several packages for Businesses and sell them as one. The Business Owners Policy (BOP) is the most common policy for small businesses tailor-made for them. It covers all the significant insurance risks listed above and more. The Business Owners Policy can also be suited to the preferences of individual Businesses. Essential packages should include property and liability insurance and worker's compensation insurance for small businesses.

If the Business involves the heavy use of motor vehicles, you are also obliged to have commercial motor insurance, which covers vehicles. 

These are some insurance policies that small businesses can benefit from in the short and long term.


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