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What You Risk Without Small Business Insurance

Even though it’s one of the most essential ways you can keep a small business secure, insurance is one of the most overlooked aspects in business planning. Don’t let all your hard work and creativity go to waste due to one random incident; protect yourself and your business by obtaining the right insurance.

The basics

Insurance is a complicated subject, but one thing is simple — without it, you risk everything. Small businesses often require different types of insurance that come into play during varying situations. According to TechInsurance:

“Most insurance companies offer certain packages that merge protection from chief liability hazards and property risks. These packages are known as BOPs, or business-owners policies. As a small-business owner, you would purchase a BOP made for small companies with similar risks. You could then add certain separately-sold coverages onto your BOP.”

Business-owners policies typically include:

  • Property - insuring the workplace (building) and any assets the company owns or are stored inside the building (personal property).
  • Liability - covering any legal responsibilities related to injuries to customers at your office, or any property damage that may occur at your client's location. Also known as casualty insurance, general liability covers anything for which you would be held responsible.
  • Business interruption - taking care of anything that might disturb the function of a business, such as fire or other unpredictable events. “Therefore, it covers profits you would have received while the business could not operate, as well as utilities, such as gas, water and electric,” TechInsurance says. 

Other types of coverage

Additional coverage you may need includes auto, disability, workers’ compensation and professional liability insurance. Consult with a lawyer for confirmation of the types of coverage required for your small business, which can vary by state, but here are some of the main points of each:

  • Workers' compensation insurance — Accidents happen, no matter how safe an environment, so workers’ comp both guards the employer from litigation by an employee hurt on the job and also provides the insurance to those workers suffering from a work-related impairment.
  • Commercial automobile insurance — When a vehicle is used solely for business purposes, it is important to have some sort of commercial auto coverage so the people driving the company vehicles, as well as the vehicles themselves, are protected in the case of an accident.
  • Employment practices liability insurance — This insurance is used when an employee claims his or her legal rights have been violated. Lawsuits that would use this type of insurance include discrimination, sexual harassment and unjust termination, for example.
  • Product liability insurance — This comes in handy if your company makes toys, clothing, food or any other type of product that could potentially cause harm to a customer. “In reality, any business that offers a product should look at getting product liability,” TechInsurance states. “This coverage protects from any harm caused to a customer by your product. Often this is included in the BOP; if not, its omission can put your business at high risk.”
  • Professional liability — Also known as E & O or ‘errors and omissions’ coverage, it covers any expensive litigation that might result from negligence or inadequacy claims related to services provided to clients.
  • Umbrella insurance — Umbrella insurance is a type of coverage that protects you when limits on your other liability policy have been surpassed, minimizing your liability risk even further. 

Of course, the best type of insurance is the type you never have to use. Thus, as a small business owner, you should plan ahead to prevent or bounce back efficiently after an incident. Train your employees on fire safety, publish a post-disaster plan and create a list of important company-wide contacts and keep copies in various locations, for a start. Together, comprehensive insurance and a solid disaster strategy will help you minimize losses and boost the success of your company.

Learn More

Interested in learning more about insurance for your Business? Cardinal Bank, in partnership with Bankers Insurance, offers a variety of insurance solutions through multiple providers.
To learn more contact Tom Ball at or at (540) 373-3833.

Insurance products and services offered by our partner, Bankers Insurance, LLC. are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other state or federal government agency; are not deposits of, or guaranteed by Cardinal Bank (a bank); may lose value; are not a condition of any banking service or activity. Cardinal Bank has an ownership interest in Bankers Insurance, LLC.