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What Types of Business Insurance Do I Need?

for Bradenton, Sarasota, Lakewood Ranch and Beyond

Sep 08, 2014

When it comes to protecting your small business, it is important to invest in some kind of business insurance.  But it can be difficult to know which policies you actually need, especially when you are a new business owner.

This blog is here to help you decide on the best business insurance for your company.  Here are a few topics you should consider before deciding on your business insurance policy.

How Have You Structured Your Business?

As you ruminate over your business insurance policy, it is important to remember that the structure of your company will affect your liability. 

  • Sole Proprietorships or Partnerships.  If you have one of these kinds of structures, you are personally liable for any suit that may be brought up against your business.
  • Limited Liability Company or Corporations. With this type of structure you separate your personal liability from company liability.

Understanding your exposure will help make it clear which coverages and at what limits you should carry.

Types of Insurance

Once you understand the implications of your company’s structure you need to become familiar with the types of business insurance policies that are available.  Some of the more popular policies are:

  • General Liability. This policy will protect your company against a broad range of liabilities.
  • Professional Liability. This type of policy is created specifically for professional service oriented businesses like law firms, real estate companies, and consulting organizations.
  • Product Liability.  This type of insurance is for any company that produces actual products rather than simply providing services.
  • Commercial Property Liability.  This insurance will protect your company’s property.
  • Commercial Auto. This type of insurance protects your commercially owned vehicles and your drivers from the perils of driving around town.
  • Homeowner’s Insurance.  This may seem strange, but if you run your business from home, your homeowner’s insurance policy will affect your commercial liability coverage.

Choosing Your Insurance

Now that you have information on the kinds of insurance available to business owners, it’s time to talk through your options with an agent Contact Bradenton Insurance today and we’ll help you set up business insurance that is specific to your situation!

Bradenton Insurance

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