Everything You Need to Know About Business Insurance

In this article, we’ll cover everything you need to know about business insurance, from why your business needs it to the types of insurance products available.

We’ll also provide a recommendation on the specific type of insurance your business might require for practical and tactical advice.

Let’s dive right in!

Why You Need Business Insurance

Small businesses often find themselves in the dark when it comes to protecting what they’ve built. Obtaining the right insurance is crucial to safeguard your business from various potential issues.

Several key reasons why you need business insurance:

• Certain insurances are legally required, whether by the state, lenders, or lease agreements.

• Accidents, be it an employee injury or damage.

• Loss or damage to property.

• Protection from lawsuits, including reputational damages and customer lawsuits.

• Business interruption, as the loss of income from interruptions can severely impact your business.

As you can see, it doesn’t matter what type of small business you run, having an insurance is crucial for avoiding these common risks.

Types of Business Insurance Products

There are various types of business insurance products available. Let’s take a look.

General liability insurance

Also known as commercial general liability (CGL), this provides financial protection from everyday workplace risks such as property damage, customer injury, and lawsuits. It’s the most common policy to have in place across all industries.

Business owner’s policy (BOP)

BOP is another option, which is a bundled insurance coverage including general liability, commercial property, and business interruption services. It’s cost-effective and provides overall protection for businesses of any size.

Cyber insurance

Also known as cyber liability insurance, this covers a broad range of risks including data breaches, losses, and software attacks. This type of insurance is becoming increasingly popular among small business owners operating online.

Workers’ compensation insurance

Also known as workers comp insurance, it covers the cost of medical care and lost wages for employees suffering injuries or illnesses related to employment. It’s required by law in almost all US states.

Professional liability

Also known as errors and omissions (E&O) insurance, it covers your business from customer legal disputes arising from professional negligence, mistakes, or missed client deadlines.

Expert Recommendations

Based on what we’ve covered, here are some practical recommendations for the types of coverage your business might need.

• General liability is essentially a requirement for any business, regardless of the type.

• Professional liability is crucial for sectors in the freelance space, such as consulting.

• Cyber liability is a requirement for businesses selling products or services online.

Benefits of Getting Insurance Through doola and our Partners

doola has exclusive partnerships which offer savings on insurance coverage. doola also allows you to create a Certificate of Insurance (COI) in seconds, providing instant proof of coverage.

Not only that, but our platform provides access to highly skilled insurance agents 24/7, ensuring you have support whenever you need it.

Get Started With doola

We hope this was helpful. If you’re looking to get insurance for your business without the hassle of scouring the web, then grab a free consultation with one of our doola experts and we’ll answer any questions you have.

Let doola and its partners handle the complexities of insurance so you can focus on what you do best!

Ivelina Dineva

Content Writer