With most American businesses being small, it’s essential for small business owners to cover their liabilities. One lawsuit can mean you close your doors if you don’t have insurance coverage. Here are several insurances businesses of all sizes should consider.

Commercial Auto

Accidents happen all the time while in the car. The gig economy and freelancers often use their own vehicle to conduct business. Unfortunately, those personal auto insurance policies may not cover you in the event of an accident. The victim of the accident can use a personal injury attorney Altamonte Springs to cover their medical bills, lost wages and other damages if you are at fault. Commercial auto insurance can help cover those liabilities while running business errands.

General Liability

Even one-man businesses can benefit from a general liability policy. Whether you operate out of your home or have a sprawling office complex, general liability covers bodily injury and property damage of third parties while on the premises. A home-based office may not be covered under homeowner’s insurance for business clients. Look into your policy for specific details and coverages.

Professional Liability

Mistakes happen and when they do, you don’t want to be sued for them. Unfortunately, those mistakes could have cost the client money. Errors and omissions insurance or professional liability insurance covers those errors and omissions. This is in addition to your general liability insurance and is ideal for real estate agents, accountants, insurance agents and other professionals.

Property Insurance

Businesses operating out of an office should invest in property insurance. The office often houses essential data that can be lost, stolen or damaged due to vandalism, theft or fire. Protecting your assets starts with insuring them. Homeowners insurance may cover these items for a home-based business. Carrying multiple types of insurance to cover your liabilities can leave you less vulnerable to financial loss in the event a claim is filed against your business.