13 Types of Insurance Policies Small Businesses Should Have

Are you starting a business in Arizona? It’s important to have insurance for a variety of reasons, but mostly, it’s to ensure that you don’t lose all of the money you’ve invested into your company.  Here is a list of 13 different insurances a small business owner should have for their company:

1. Worker’s Compensation.  This insurance is used for wage replacement and medical benefits for employees who get injured on the job.  It is important to have worker’s compensation because it will protect you and the company from legal complications.
2. Directors and Officers Insurance.  If a director or officer from your company is in a legal situation because of on-the-job actions, this insurance will cover the costs of a lawsuit.
3. Life Insurance.  This is something you pay for a beneficiary to receive once you die.  This insurance will ensure that your loved ones will not be financially weighed down when you pass away.
4. Property Insurance.  You can protect your office equipment, computers, and inventory from fire, vandalism, and theft by purchasing property insurance.
5. Data Breach.  Businesses are responsible for protecting sensitive or non-public information about employees or clients in their computers, servers, or files.  If a breach is created, this insurance will provide protection against what was lost.
6. Business Owner’s Policy (BOP).  This policy includes several services: business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance.
7. Personal Automobile Insurance.  Auto insurance can protect you against physical damage and bodily injury resulting from a crash.
8. Commercial Auto Insurance.  This is used to protect company vehicles that carry employees, products, or equipment from damage and collisions.
9. Professional Liability Insurance.  Also known as Errors and Omissions Insurance, this policy provides defense and damages for failure to or improperly rending professional services.
10. Homeowner’s Insurance.  This insurance is very important because it will protect against damage to the home and against damage to items in the home.
11. Renter’s Insurance.  This insurance is for people who rent their homes.  It protects against damage to physical property and personal injury within the home.
12. Personal Umbrella Insurance.  This insurance is an extension to an already existing insurance policy and covers beyond the regular policy.  It can cover different kinds of claims including homeowner’s or auto insurance.
13. General Liability Insurance.  Even if your business is based in your home, liability insurance is a must have.  This policy provides both defense and damages if you, your employees, your products, or services cause or are accused to have caused bodily injury or property damage to a third party.

If you have any questions regarding the legalities of starting or operating a small business in Phoenix, Mesa, Tempe, Scottsdale, or another AZ city, call JacksonWhite’s Small Business Law Team at (480) 464-1111 to discuss your case today.