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Types of insurance small businesses should consider

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Business insurance is becoming more important for small firms across the world due to the increased risk posed by cybercriminals, as well as the more common problems that can be caused by making a simple human error, reported BusinessNewsDaily.

Kevin Kerridge, an expert in small business insurance, told the website that small businesses need to take an extended look at purchasing several types of insurance, including general liability, errors and omissions, business owner policy, cyberinsurance, technology and marketing and business consultant coverage. These types of insurance can serve a safety net for virtually anything that goes wrong for a small business.

That said, Kerridge said businesses need to evaluate where they most need protection, and start by obtaining policies to cover those areas. He termed general liability insurance "the old standby for small businesses," thanks to its coverage of such things as bodily harm and property damage. Those looking for more protection of property and equipment such as laptops and office furniture might consider a business owner policy, he said. 

  "If you are a small business you need to start by buying the coverage you really need, since your cash flow is king," Kerridge told the website. "To a small business, one claim can be crippling. It is not the damages, but rather it is the cost of defense that really hurts businesses."

In a separate BND article, Matt Cullina, a representative from an identity management and data risk service, told the website that cyberinsurance is growing in importance and that this type of coverage can help small business recover more quickly from data breaches.

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