Here are five different types of coverage that small business insurance can provide:

• Commercial General Liability Insurance (CGL). One of the most common lawsuits against small businesses is bodily injury due to slip and fall accidents that occur on your business premises, and CGL insurance protects your business from liability in a slip and fall lawsuit. Additionally, it can protect your business from damages from third parties that you may not have considered. CGL covers personal injury, property damage and advertising damage. These types of coverage are wide ranging and cover things like libel, slander and privacy violations.
• Cyber Insurance. Cyber-crime has been a hot topic in the media with high profile cases involving large corporations and expensive lawsuits, but small businesses also need protection. In fact, small businesses are often easier targets for cyber criminals and don’t have the capital to withstand a lawsuit stemming from a data breach. Cyber insurance offers protection from a number of different scenarios including network breaches, privacy breaches and Internet media liability.
• Business Income. In the first few years of a small business’ operations, it is likely that your business may only be turning a small profit or maybe no profit at all. If an event occurs that causes your business to temporarily stop operations, it could mean the end of your business. In such an instance, Business Income coverage could cover your income, rents and any extra expenses incurred to keep your business running.
• Equipment Breakdown. Your small business relies on more than just a good idea, employees and a base of customers. Some of your most expensive business assets are the equipment you need to perform your job, whether it is computer hardware or heavy equipment – they need to be protected. When equipment breaks down it can be costly to repair, or can cause additional damage to property. In this case, Equipment Breakdown coverage would ensure that covering those costs protects your business.
• Errors and Omissions Liability. Errors and Omissions Liability insurance is often called professional liability, but this coverage extends beyond what is commonly considered ‘professional services’. This type of coverage focuses on any service or advice you or your employees have provided to a client that results in a lawsuit, whether it’s software development or project management.