As a small business owner, it’s critical to think ahead about the problems your company could encounter. Not to dwell on the negative side of things, but your company could experience a fire, face a lawsuit, be vandalized, or have an employee who is injured at work, just to name a few. Most small businesses are still getting on their feet financially. One moderately serious problem can be enough to put a company out of business. To avoid this, many small businesses obtain various small business insurance plans to protect themselves against these misfortunes.

If you are considering small business insurance, consult with your insurance agent about the particular risks your business faces. He or she can advise you on the types of insurance that can best suit your company’s needs.

General Liability Insurance
General liability insurance protects the assets in a company when the company is at fault for doing or failing to do something that has caused harm. This harm can be to individuals or property. It can encompass many situations your company may face. Discuss the coverage limitations with your insurance agent.

Commercial Property Loss Insurance
Commercial property can include your building and any assets belonging to your company. You can select general or specific property insurance. General insurance can protect you from all types of disasters including fire, flood, vandalism and so forth. If your property is more prone to experience a certain type of disaster than another, you can select specific property insurance.

Loss of Income Insurance
If an event occurs that inhibits your company from making money, income-loss insurance can cover your losses. This type of loss typically occurs during a temporary situation. An example of a loss-of-income situation would a natural disaster that kept you from opening your business and earning your typical income.

Errors and Omissions (E&O) Insurance
This type of insurance protects businesses that advise others from being sued if their clients aren’t pleased with the work your company performs. This can be particularly useful and even required for doctors who deal with medical malpractice suits and financial advisors. Your state may require you to have E&O insurance depending on the type of business you have.

Product Liability
If your product turns out to be defective, product liability insurance can protect you. Although it’s something you’d never want to have happen, if your product injured someone or damaged property, this type of insurance could shelter you.

Business Owner’s Policy
In the same way that you can bundle several individual insurance policies together, you can bundle business insurance policies as well. Bundling can save you money similarly to buying in bulk. It can also simplify your insurance needs if you receive all your insurance through one provider. If you are considering bundling your insurance needs into one policy, make sure that the insurance company has experience handling all of the types of insurance you plan on bundling. Some companies specialize in one type of insurance even though they offer multiple types. They may offer E&O, general liability and worker’s comp even though their expertise is in commercial property. If this is the case, it may be a wiser financial move to have several insurance providers that know what they’re doing rather than one provider that only has a little experience but will give you a discounted premium.