Property insurance insures against loss or damage to the location of the business and its contents. Property insurance can be for a specific risk (single peril) such as fire, or tornado specifically, or for a broader range of risks (broad form). The more risks your policy covers, the higher the premium will be.

Property insurance for small business is typically included in a package of needed insurances known as a business owner’s policy. This will typically be the best value for your money as long as you qualify.

Liability Insurance insures against negligence of your business or employees. In other words, it protects your business when it is sued for neglect. Once again, for small businesses, liability insurance is often included in the business owner’s package. You can also get liability insurance through a general liability policy that is separate from the package.

You can have a liability policy that is a claims made policy or an occurrence policy. A claims made policy means that the company that currently insures your business will pay the claim regarding something that happened long ago, even if they were not the insurer at that time.

Your personal auto insurance does not cover vehicles used by your business. Therefore, you will need commercial auto coverage. A commercial auto policy provides coverage to repair or replace a vehicle damaged in an accident and it will pay the claims of any third-party injured in the accident.

You can purchase “non-owned auto” coverage as well. This coverage will provide coverage to your business when employees use their personal vehicles for business purposes or if your business uses any car it does not own.

Getting the correct, relevant and sufficient insurance at the optimum cost is an important cost factor for any business; insufficient cover or paying too much for your cover is bad business.
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Here are some things to consider in choosing an insurance company for your business insurance:

• Price: The cost of coverage can vary greatly from one insurer to the next without any difference in coverage.