4 Types of Business Insurance

While business insurance is a must for certain types of entities, such as health care providers, it can be difficult for small business owners who conduct low-risk work to know when to get business insurance.

To help you understand your options, as well as when it may be time to get business insurance for a small business, below, we’ll point out and explain the four most common types of business insurance.

Options for Business Insurance: Here’s What You Need to Know

1 – General liability business insurance

This is a type of “catch-all” insurance for businesses because it can protect business owners and employees from damage related to:

• Physical injury
• Property damage
• Litigation costs
• Unfavorable judgements or settlement awards
• Libel and slander.

General liability insurance for businesses can be tailored to meet the specific needs of the business (as there are various add-ons businesses can opt for). While this type of business insurance can provide essential protections, it can also be critical to conducting business and/or securing new clients (as some may specific request proof of this insurance before agreeing to do business with an entity).

2 – Professional liability insurance

Commonly also referred to as “errors and omissions insurance,” this type of business insurance provides protections against negligence and malpractice allegations that may be made by a business’ customers or clients.

This can be an important form of business insurance for professionals like financial advisors, doctors and tax professionals, as the nature of their services can lead to malpractice allegations when, for instance, clients are simply not satisfied with results (even if no malpractice occurred).

3 – Property insurance

This type of business insurance can help protect the real estate, equipment and other property assets a business holds. While this can be an important form of insurance for businesses with significant property holdings, it can also be crucial for home-based enterprises, as homeowners’ insurance won’t necessarily provide the same protections for business owners as property insurance would.

4 – Product insurance

This form of business insurance can protect a business against the financial loss associated with allegations of its products being defective and/or causing harm to the public.

Contact an Experienced Denver Business Attorney at Downey & Associates, PC

When you need experienced help resolving any business legal issue, you can count on Denver Business Attorney Thomas E. Downey.

Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their litigation, property tax and real estate legal issues. Our dedication to our clients, coupled with our extensive experience handling complex matters of business law, means that our clients can always trust that we will aggressively protect their rights and help them achieve the best possible outcomes to their sensitive legal matters.

We encourage you to learn more about your rights and options, as well as our various services, by calling us at (303) 813-1111 or by emailing us using the contact form on this page. From our law offices in Centennial, we serve clients throughout Colorado and the U.S.