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Exploring small business liability insurance plans, part 2

Small business owners understand the importance of liability insurance. Liability insurance can provide much-needed coverage for accidents, injuries or natural disasters. There are several different types of liability insurance, and choosing the best option is often confusing.

In our last post, we discussed three common types of liability insurance—general liability, workers’ compensation and professional liability. Today’s follow-up post will examine three more options for liability insurance that you may want to consider.

4. Auto liability

If your business uses vehicles for company purposes—for example, delivering pizzas, transporting goods or chauffeuring clients—you may need auto liability insurance. This type of insurance offers protection for a company vehicle that is involved in an accident. It can also reimburse you for the car if it is vandalized or stolen.

5. Disability

If you are in an accident or suffer an illness that causes you to miss work, you stand to lose a lot of income. Disability insurance can replace your lost income for the period of time that you are unable to work. If your business involves physically strenuous work that could result in an injury, you may want to consider purchasing disability insurance.

6. Property insurance

Other types of liability insurance are intended to protect you, your employees and your customers when you are on company premises. Property insurance, however, specifically protects the physical space where you conduct business. This can include the brick-and-mortar commercial space, office furniture and supplies, electronics and machinery.

7. Umbrella liability

Umbrella liability insurance comes in handy for claims that exceed the coverage provided by your general liability policy. If your other insurance policies exclude certain types of claims, you can purchase an umbrella policy to provide coverage.

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