The five common types of small business insurance offered through Huckleberry are:
1. Workers' Compensation
Workers’ compensation insurance covers any injury or illness related to an employee’s job. If a member of your team gets sick or injured because of their work, workers’ comp will pay out for medical expenses and lost wages.
2. Business Owner’s Policy
A Business Owner’s Policy (also known as BOP) is a bundle of important coverages that protects your small business from many kinds of liability and unforeseen circumstances. It includes many additional coverages that you might need—including general liability coverage, business interruption coverage, and business property coverage.
3. General Liability
General liability insurance covers you and your small business if someone else makes a claim against you for bodily injury, property damage, or advertising injury.
4. Business Property
A full commercial property insurance policy is actually two coverages. Business property insurance will pay out to rebuild or replace your building if it is ever destroyed or seriously damaged (say, due to vandalism or a natural disaster). Business personal property insurance covers movable property inside your building.
5. Business Interruption
Business interruption coverage will pay out a financial benefit if your small business ever has to close for a covered reason. It’ll help you pay for payroll or the cost of renting a temporary location while you work hard to get your business operational again.
Other types of coverage offered through Huckleberry are:
Professional liability insurance, also known as errors and omissions insurance, will pay out to cover the cost of a mistake that harms or negatively affects a client during a professional service. It’ll help cover your legal fees (as well as the cost of a lawsuit payout!) if you or your business are sued because of a covered mistake.
Hired and Non-Owned Auto
A type of commercial auto insurance. Hired and non-owned auto liability protects your small business from a lawsuit if someone from your company causes damage with a vehicle that isn’t owned by your business.
Employment Practices Liability
Employment practices liability insurance (usually called EPLI) is there to protect your company if an employee ever claims wrongful termination, harassment, or discrimination.
Liquor liability insurance will cover legal costs, property damage, and medical bills if your restaurant sells alcohol to a visibly intoxicated person who then causes damage to something (or someone!).
If you own a restaurant, you’ll want to purchase spoilage insurance. It’ll help protect you from financial losses if you ever lose food and beverages because of a power outage (or other covered events).
Equipment breakdown coverage will pay out to repair (or even replace) the equipment you rely on to run your small business. If your everyday business operations depend on mechanical or electrical equipment, this is pretty important coverage to purchase.
If you’re in food service, buying a restaurant endorsement for your business will get you a bundle of vital coverages that will help protect you against the unique risks that come with serving food for a living.
Employee dishonesty insurance will compensate your business for financial damages caused by employee theft. It covers direct theft (think: an employee who steals cash from the register) as well as indirect theft (think: a bartender who didn’t charge buddies for drinks).