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SBA: Types of insurance a small business needs

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Small businesses, due to their size and relative vulnerability, need to protect themselves with insurance. To help small business owners figure out what types of insurance they need, the Small Business Authority composed a list of insurance coverages that small businesses should have.

One type recommended by the SBA is general liability insurance, which provides protection to small business owners and their employees if customers or other parties sue, saying they have been harmed by a person working for the business or by a product or service offered by the company.

Another type of insurance the SBA suggests is business owner's policy insurance. BOP insurance includes business interruption insurance, property insurance, vehicle coverage, liability insurance and crime insurance, which is an assortment of coverages a small business owners needs. According to SBA, bundling these coverages in a BOP policy can often be cost effective.

Worker's compensation is another policy the website said small business owners should consider. This type of policy protects workers who are injured while on the job. Injured workers get benefits from their company and give up their rights to sue their employer under these policies, which many businesses are required by law to carry.

While these are a few types of insurance all small business owners should consider, a Phoenix law firm recently issued a recommendation for product liability insurance for small businesses that manufacture and design products. This type of insurance protects a business from people who claim they were injured by a company's product.

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