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Whether you own a small business, or you are a budding entrepreneur, it’s important to understand all of your options when it comes to small business insurance. There are several types of small business insure which includes all the basics from liability to property damage.

Non-Traditional Small Business InsuranceBeyond the basics, there are non-traditional options which include coverage for specialized businesses and specific attributes. Some of these additional options may be critical for your own business.

Employment Practices Liability Insurance

Any business which has employees is liable. Employees may choose to bring legal action against their employer at any time. Employment Practices Liability insurance covers damages up to policy limits for a lawsuit or judgment brought on because of an employee claiming their civil or legal rights have been violated.

Key Employee Insurance

When the livelihood, growth, strength, or name of a company is based upon one individual, the company can obtain key employee insurance on certain employees. This coverage provides a cushion from the financial blow if key employees die or become disabled.

Directors and Officers Liability Insurance

This coverage is focused for not-for-profit organizations. Directors and Officers Liability Insurance protects the directors and officers of these corporations against lawsuit(s).

Errors and Omissions Insurance

This little-known form of small business insurance coverage is specially designed for industries which involve services such as giving advice, making recommendations, designing things, providing physical care or representing the needs of others.

These types of businesses are at risk of liability for having someone sue them based on claims that the business failed to perform these jobs properly. This coverage will also pay for legal defense costs, and any judgment if a lawsuit is brought and the insured is found liable.

Umbrella Policies

An umbrella policy for your small business works similar to other umbrella policies in auto or homeowners coverage. It is designed to protect against unusually high losses when the policy limits of one of the underlying policies has been used up.

Owning and operating a small business is a risk and an adventure. Many small business owners are depending on the success of their business for the support of their family. If the business suffers professionally, then the owner or owners suffer personally.

For this reason, it is important to protect your small business as much as possible. Take a careful look into the services, employees, and nature of your business to be sure you have the coverage you need.


By Matt Reynolds - Google+

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Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
Phone: 502-933-2255
Fax: 502-933-5057
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Claude Reynolds Insurance Agency Inc. | 6801 Dixie Hwy Suite 232, Louisville, KY 40258 | 502-933-2255
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