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Welcome to the QuickBooks Community! I hope you are doing well. We understand that small business insurance is crucial for protecting your company from risks like liability, theft, and natural disasters. It offers financial security against unexpected events that could otherwise be costly. Our article from the QuickBooks Blog provides a quick breakdown for common ones. Let’s dive in!
General Liability Insurance
- What it covers: Protects against third-party claims of injury or property damage.
- Why you need it: Essential for almost every business to safeguard against common accidents or lawsuits.
Professional Liability Insurance
- What it covers: Protects against claims of negligence or mistakes in the professional services you provide.
- Why you need it: Ideal for service-based businesses where errors or advice could lead to lawsuits.
Workers’ Compensation Insurance
- What it covers: Provides benefits to employees who suffer work-related injuries or illnesses.
- Why you need it: Required by law in many states for businesses with employees to ensure their well-being.
Commercial Property Insurance
- What it covers: Covers damage to your business property (buildings, equipment, inventory) due to fire, theft, or vandalism.
- Why you need it: Essential to protect your physical assets and ensure business continuity.
Business Interruption Insurance
- What it covers: Covers lost income and expenses if your business is temporarily closed due to a disaster or other covered event.
- Why you need it: Vital to prevent financial strain during unexpected closures or disruptions.
These are the basic types of coverage every business should consider. Choosing the right mix of insurance protects your business from risks and helps maintain its financial health.
Thank you for being part of the QuickBooks Community! Let’s keep learning and growing your business with confidence. See you in the next post!
