6 types of insurance for small business owners

Every business owner knows that one of the most important things they need to make sure their company has is insurance. After all, it's an unfortunate situation when you're stuck between a rock and a hard place trying to figure out what your next steps are because you didn't consider how exposed your company was until something awful happened. Yet, at the same time, insurance can be a tricky and overwhelming topic -- there are many kinds of insurance that you could purchase, and it's very important to fully understand each one before making any decisions. This blog post will provide readers with information about some different kinds of Business insurances Las Vegas available, as well as give tips on how to better understand them.

Commercial General Liability

The first type of insurance that is often purchased for a business is known as commercial general liability insurance . This type of insurance protects your company from any third-party cases where the company may be sued because of bodily injury, property damage or advertising injury. This means that you'll get coverage if someone trips and falls in one of your store locations, they break something and try to sue you, or they see your advertisement and it makes them sick.

Commercial Property Insurance

The second type of insurance that is often purchased for a business is known as commercial property insurance . This type of insurance covers physical damage done to your company's building(s) and three additional insured structures (these would be things like detached garages). Although this type of insurance is typically purchased separately, you can often get it included with your commercial general liability insurance.  

Commercial Auto Insurance

The third type of insurance that is often purchased for a business is known as commercial auto insurance . This type of insurance covers the vehicles used to transport goods, services and equipment for your company (like trucks or vans). You'll need this if your employees use their own cars while on business, but even if they don't you'll want to protect your company's vehicles -- people could still accidentally damage them or get into accidents with them.

Workers' compensation insurance

The fourth type of insurance that is often purchased for a business is known as workers' compensation insurance . This type of insurance covers medical expenses and lost wages for your employees if they suffer injuries while on the job. This is required by law, so you'll need to have it even if you don't purchase any other types of insurance because no one will want to hire you without it! 

Professional liability insurance

The fifth type of insurance that is often purchased for a business is known as professional liability insurance . This type of insurance protects your company from being sued in the event that your employees are giving advice or performing services that are incorrect. This includes issues like negligent hiring, wrongful termination and more.

Cyber liability insurance

The sixth type of insurance that is often purchased for a business is known as cyber liability insurance . This type of insurance covers all the information in your databases, including things like clients' Social Security numbers, financial information and more. If your databases are hacked or penetrated by cyberattacks, this insurance will reimburse you for the costs of credit monitoring, legal fees and more.  

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