University of La Verne SBDC Small Biz Blog

When delving into the realm of small business ownership, insurance often falls to the wayside amidst the excitement of launching or operating your venture. However, understanding the significance of insurance and its role in safeguarding your business is paramount. In this guide, we'll explore the nuances of business insurance, from essential policies to practical tips for securing adequate coverage. Insurance for Small Business As a small business owner, there are several insurance policies that may be obligatory depending on your location and the nature of your operations. Let's delve into some key considerations: General Liability Insurance:  This policy typically covers bodily injuries, property damage, and liability claims arising from your business operations or products. It's essential for protecting against potential lawsuits and financial losses. Professional Liability Insurance:  Also known as errors and omissions insurance , this coverage safeguards your busin

by Joshua Botello Insurance. One of the dullest topics to ever talk about with anyone, other than an insurance broker. This means that we should have this important conversation as soon as possible until it is too late and you are up to your waist in legal issues that could tank your business in one fell swoop and is essential for small businesses to operate. Let’s take a look at 6 of the most common types of insurance policies that any business may need.  Disclaimer: The information in this article, while authoritative, should not be considered legal advice. Consult your licensed financial advisor, legal counsel, and/or regulatory body to determine the best policies for your business.  COMMERCIAL LIABILITY First on our list is commercial liability insurance, otherwise known as general liability. It's one of the most common types of business insurance. Basically, this kind of insurance protects your business against bodily injury and property damage. It is gen