Commercial Insurance Small Business Owners Need Amidst the Pandemic

​Commercial insurance protects not only the business but also the business owner and their employees. More people are drawn to open their businesses during the pandemic to protect themselves from challenging workplace exposure. To protect the owner and their employees and the company itself, provided in this article are pieces of information about what type of commercial insurance small business owners might need.

Types of Commercial Insurance
Here is the list of commercial insurance for small business owners to consider getting:

• Business liability insurance
• Workers’ compensation insurance
• Property insurance
• Business auto insurance
• Umbrella policies
• Terrorism insurance
• Key employee insurance
• Group or individual healthcare plans
• Package deals

Business Liability Insurance
Business liability insurance or Commercial General Business Liability is essential in protecting the owner from being sued by a third party that could be anyone outside of their business.

Workers’ Compensation Insurance
This commercial insurance can be considered mandatory, even for a small business. In most states, if around three to five employees are working under an employer, they must have this type of insurance. This insurance covers medical care and replaces partial wages of employees when they’re injured while working.

Property Insurance
This type of commercial insurance includes any physical disasters such as fire, theft, and flood that depend on what plan the owner chooses that covers those disasters.

Business Auto Insurance
This insurance is vital if the owner owns a car for business purposes. The insurance policy covers any damage by an employee and would pay for the cost they’re liable for.

Umbrella Policies
This type of insurance is handy when it comes to any risk of significant suits or losses. It generally provides for anything that is above the owner’s insurance coverage.

Terrorism Insurance
This type of commercial insurance is not required for small business owners, but it can be mandatory for certain commercial property types.

Key Employee Insurance
It can be used to compensate a business if a key employee dies or is disabled.

Group or Individual Healthcare Plans
If a company has less than 50 full-time employees, they may not have to offer their employees health insurance. But they may consider purchasing one to cover their employees since there is a pandemic going on.

Package Deals
Package deals are bundled policies that cover most property and liability insurance risks and a few other coverages that might benefit most small businesses.

At UG Insurance Brokerage Inc, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (718) 848-7777 or Click Here to request a free quote.