Do Small Businesses Need Commercial Insurance?

If you have heard about commercial insurance, you probably thought it concerned bigger businesses. Although it deals with big companies, there are also types of commercial insurance coverage that help small businesses. We will discuss the answer to the question: do small businesses need commercial insurance?

Why is commercial insurance important for a small business?

Small businesses are more likely to go out of business if something happens, like damage from a natural disaster, lawsuits, liability issues, or damage to inventory. This makes it more important for them to have commercial insurance so that they don’t have to pay out of their pocket and risk going under. There are also some requirements at the federal level for commercial insurance.

If you own a business and have a certain number of employees or more, there is a requirement for worker’s compensation. Workers comp is insurance that covers an employee if they get injured on the job. With smaller businesses come smaller funds. This means that you wouldn’t be able to have the resources to pay for damage, injury, loss of income, loss of inventory, etc., without the help of insurance coverage.

What types of coverage are available?

Below are some of the coverage options that are available for commercial insurance:

  • General liability
  • Property insurance
  • Business interruption insurance
  • Workers Compensation
  • Commercial auto coverage
  • Management liability
  • employee practices liability
  • Errors and omissions insurance
  • Crime coverage

Contact us

If you own a small business or are considering becoming a small business owner, contact us or visit us at Maanen Insurance Group in Greeley, CO for more information.