Starting your own small business is indeed an exciting adventure. You might have dreamed big about your business taking off and growing into an iconic symbol in your area, with a huge possibility of expansion. However, ask yourself: what if not everything happens as expected? What if a customer slips and falls in the bathroom and files a liability claim against your business? This is why you need to include insurance planning as part of your overall business planning. Here is a quick guide to help your select the right insurance coverage for your small business.

PROPERTY INSURANCE

The common types of insurance coverage for protecting your property include:

• Commercial Property Insurance protects your building and its contents, including equipment, electronics, furnishings, inventories, and supplies. It can also cover the costs of repair and replace for items outside of your shop, such as signage and fencing.

• Commercial Auto Insurance covers damages to your commercial vehicle and benefits if your staff members are involved in a car accident while driving one of your commercial vehicles.

• Home-Based Business Insurance covers the loss of business assets at home that are not protected by your home insurance. It could also cover stolen inventory and medical costs should a customer be injured at your home-based business.

OPERATIONS INSURANCE

The common types of insurance coverage for protecting your day-to-day operations include:

• Commercial General Liability Insurance (CGL Insurance) protects your small business if it is found responsible for third-party property damages and bodily injuries. It covers the legal costs and damages related to personal, advertising, product, bodily injury, and tenants legal liabilities.

• Product Liability Insurance helps protect your small business against costly lawsuits for producing or selling a product that cause property or bodily damage to a third party. It is usually included in most CGL insurance policies.

• Professional Liability Insurance (Errors and Omissions Insurance) protects your small business against lawsuits from clients who suffer financial loss because of wrongful acts on your part.

INSURING UNEXPECTED LOSSES

There are incidents, such as vandalism, that may force you to close your shop temporarily to repair and renovate. Without a constant income stream, your small business will probably suffer greatly from this kind of damage. This is when an insurance coverage can provide you with peace of mind.

• Business Interruption Insurance helps cover repair and replacement costs in the case of an unusual event that forces the business to stop running. is typically included within your Commercial Property Insurance policy or could be added as a rider to an existing policy you carry.