business insurance

As a small business owner, the right business insurance can make a major difference. Many owners ask: What type of business insurance do I need? There are many types of business coverage that may help protect your assets, personal health, and the health of your employees.

Saxton Law Firm is a small business litigation and business insurance firm in Kansas City, MO. We can help you protect what matters most.

Common Types of Business Insurance

There are many types of insurance you may need for your small business. Here are some of the most common examples you might need:

  1. General Liability Insurance – General liability insurance can protect your business from bodily injury or property damage claims. For example, this could protect your business from a slip and fall case, where a customer is hurt in your store. It may pay their medical expenses, pain and suffering, and more so that your business assets are safe.
  2. Business Income Coverage – Also called business interruption insurance, this coverage replaces lost income when your business cannot operate, usually due to property damage to your store. It helps protect your revenue stream until you are back on your feet.
  3. Professional Liability Insurance – This coverage guards against mistakes you or other professionals make in your business. Imagine an accountant in the office makes an error on a client’s taxes, forcing that client to take a penalty. Professional liability insurance can cover these costs and others related to a lawsuit by that client.
  4. Commercial Property Insurance – Your business’ physical property is very valuable and is a vital part of your success. Commercial property insurance protects your building and equipment, whether rented or owned by your company.
  5. Workers’ Compensation Insurance – Workers’ compensation insurance protects your business from worker injuries they sustain on the job. It protects your business and your employees to create a better work environment for everyone.
  6. Data Breach Insurance – Data breaches and hacking are an increasing problem for businesses, including small businesses. This insurance helps cover your costs in notifying impacting customers, running public relations campaigns to fix your business reputation, and even offering credit monitoring services to affected customers.
  7. Business Owner’s Policy – A business owner’s policy combines several policies for your convenience. This usually includes commercial property insurance, business income insurance, and general liability insurance all in one package.

Do I Need Insurance Coverage for my Small Business?

Every business needs insurance to protect the company itself, its owners, and its employees. Small business owners are particularly vulnerable to unexpected problems, liabilities, and lawsuits. Small businesses that fail to protect themselves often fold after a lawsuit because they are unprepared to handle the costs.

Business insurance protects you from financial disaster and economic hardship. It gives you peace of mind so that you can focus on driving revenue, creating a quality work environment, and achieving the success you have earned.

What If My Business Insurance Claim Is Denied?

Some insurance companies may try to deny a claim for technical reasons or simply to avoid paying a valid claim. When this happens, you need a strong legal team to handle your case and fight for your business’ rights. We can help you fight back.

READ MORE: Can You File a Lawsuit Against an Insurance Company?

If you have questions about your business insurance needs, or need help dealing with a business insurance policy, we are here to help. Speak with our Missouri business litigation attorneys at Saxton Law Firm to get the help you need. Contact Saxton Law Firm for a FREE case review!