Is Small Business Insurance Required by Law?
Although most types of business insurance are optional, many states do have some small business insurance requirements. For example, most states require businesses with employees to carry workers’ compensation insurance. To learn more about small business insurance
in your area, obtener una cotización
What Type of Insurance Is Required for a Small Business?
Many small business owners wonder what type of coverage they need. We can help if you’ve been trying to figure out these common questions:
While the answers vary depending on where you live and what you do, most states require businesses to carry certain coverages. See how each one can help your business:
Who it's for: Businesses with at least one employee
What it does: Provides benefits to employees to help them recover from a work-related injury or illness
Who it's for: Businesses with employees who drive a company-owned vehicle for business.
What it does:
Helps cover property damage and medical expenses due to a car accident involving a company-owned vehicle. Additional coverage is available for vehicles with a lienholder
Who it's for: Businesses that provide a professional service to customers or clients
What it does: Helps cover claims that your business made a mistake or error in the professional services given
Who it's for: Businesses that sell, serve or distribute alcohol
What it does: Helps cover claims of bodily injury or property damage that an intoxicated person causes after a business served them alcohol
Optional Small Business Insurance Coverage
You can also add optional coverage that can provide more coverage, like:
Who it's for: Businesses that have physical or digital assets, such as products, inventory or equipment.
What it does: Includes three essential coverages to help prevent financial losses from claims that can come up during normal operation. Combines general liability insurance, commercial property insurance and business income insurance.
Who it's for: Businesses in an area at risk of flooding.
What it does: Covers property damage due to flooding from snow melt, rain or hurricane.
Who it's for: Companies with business property and physical assets.