Business Insurance Karma

Business Insurance Karma

Business insurance is coverage that protects small business from financial damages that can result from accidents, property damage, professional errors, workers compensation claims, and other situations. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.
Having accurate coverage is critical in minimizing the negative impact of claims against your business.

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Basic business insurance

Two common types of business insurance are:
General Liability – Most small businesses, old and new, need this liability coverage. It guards against things like bodily injury, property damage, completed operations and advertising injury that arise from your business.
Commercial Auto – You probably need this coverage if you use your vehicles for your business. This can include traveling between job sites, making deliveries, or transporting tools and equipment. It provides liability and physical damage protection for your business vehicles and trailers.

Specialized Commercial insurance

It’s likely that your insurance needs will expand beyond basic liability and commercial auto coverage as your business grows. Certain professions also need specific insurance depending on the services they offer or the contracts they enter.
Professional Liability – Liability protection for businesses who offer a professional service or advice. It’s also known as Errors and Omissions (E&O).
Business Owners Policy (BOP) – This coverage packages liability and property coverage into one policy. Common for small businesses with commercial buildings or personal property.
Workers’ Compensation – Helps pay for things like medical costs and lost wages of employees who become injured or ill on the job.