Small Business Insurance: How Much Do You Need?

There are so many choices when it comes to small business insurance, so what small business insurance do you need and how much?  In order to protect yourself and your small business, you should have small business insurance in place, the types of small business insurance and the amounts will vary, but here are some ideas of what you should consider:

General Liability

This small business insurance should protect you should someone be injured on your business premises.   This can also protect you against other potential claims, but injury is one of the most common.

Errors and Omissions

Professionals such as doctors, lawyers, architects and accountants should have errors and omissions insurance, sometimes referred to as E&O or Professional Liability or Malpractice insurance.  This type of small business insurance will provide indemnity and sometimes a defense if you are sued in the case of a professional error.

Workers’ Compensation Insurance

This is required in many states, including California.   This pays your employees if they are injured on the job.

Employment Practices Liability Insurance

In some cases, this will give you coverage in case you are sued by one of your employees.   This is generally very limited in scope and fairly expensive.

Business Interruption Insurance

This type of small business insurance may replace some or all of your income if some sort of disaster makes it so that you are unable to run your business.

The above only touches on some basic small business insurance policies you might want to consider.  Although your business attorney most likely does not sell insurance, they should be able to talk to you about your insurance needs in relation to your business risks or refer you to an insurance agent.

If you have questions about your small business insurance, Integrated General Counsel can help you determine your next steps.  If you are ready for a results-driven plan of action, contact us either by telephone at (925) 399-1529, schedule yourself into our calendar for an appointment at a time convenient for you, or complete the Contact Kristen form and we will get back to you.