When you run a small business, you're going to need insurance to protect you from lawsuits and accidents. This isn't much different from how you have insurance for various things in your personal life, but you need to have the right kinds of insurance. Here's what kind of insurance provider you need.
If you drive your car, truck, or other vehicle while doing business, you're going to need commercial auto insurance. Personal auto insurance doesn't apply to business activities. A business activity is just about anything outside of your daily commute. If you only commute from home to your business and then back home at the end of the day, that commuting is a personal activity covered by your personal insurance. If you make deliveries, run errands, or drive around to customer sites all day, those are business activities that you'll need a commercial auto insurance policy for.
General Liability Insurance
Almost any business needs a general liability insurance policy. This is the basic insurance policy that protects you from most types of lawsuits. You may be able to bundle it with your commercial auto insurance, or you may need to work with a second insurance provider.
A common mistake many people make, especially those with smaller or gig-type businesses, is thinking their liability coverage on their homeowner's or renter's insurance will protect them. Like auto insurance, these policies generally exclude any type of business activity. If you injure a customer or someone gets hurt in your store, only a business liability policy will protect you.
Commercial Property Insurance
Commercial property insurance is what protects your stuff. This includes things like your tools and inventory getting lost or destroyed in a fire or burglary. Your personal auto insurance or home insurance will sometimes cover a very small amount of business property that you take home with you. However, for full coverage, you need to work with a commercial insurance provider to obtain business property insurance.
Professional Liability Insurance
Some professions also need professional liability insurance. This covers mistakes directly related to your skilled work rather than general accidents. For example, a plumber leaving a wrench out and tripping someone is covered by general liability. A plumber not sealing a pipe correctly and flooding someone's basement may not be covered by general liability and need professional liability coverage instead.
To learn more about getting insurance for your small business, contact a local insurance provider like Kenneth Rhodes and Associates today.