{"id":16509,"date":"2024-12-16T11:54:52","date_gmt":"2024-12-16T16:54:52","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=16509"},"modified":"2025-02-03T11:34:50","modified_gmt":"2025-02-03T16:34:50","slug":"small-business-insurance-policies","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/small-business-insurance-policies\/","title":{"rendered":"5 Insurance Policies for Your Small Business"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-16511\" src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/2024\/12\/pexels-kampus-8422738.jpg\" alt=\"small business insurance policies\" width=\"1024\" height=\"683\" srcset=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/2024\/12\/pexels-kampus-8422738.jpg 1024w, https:\/\/gtm.com\/business\/wp-content\/uploads\/2024\/12\/pexels-kampus-8422738-980x654.jpg 980w, https:\/\/gtm.com\/business\/wp-content\/uploads\/2024\/12\/pexels-kampus-8422738-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><br \/>\n<audio controls=\"controls\"><source src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/2025\/01\/5-Insurance-Policies-for-Your-Small-Business.mp3\" type=\"audio\/mpeg\" \/>Your browser does not support the audio element.<\/audio><\/p>\n<p>With so many different types of insurance, it can be overwhelming to determine what type is best for your small business. Understanding the following five insurance policies can help your business make decisions to protect employees and the business\u2019s bottom line financially.<\/p>\n<h2>1. Commercial Property Insurance<\/h2>\n<p>In the case of a catastrophic event such as a fire, explosion, burst pipe, storm, or theft, <a href=\"https:\/\/gtminsurance.com\/business-insurance\/commercial-property-insurance\/\" target=\"_blank\" rel=\"noopener\">commercial property insurance<\/a> may compensate you for losses or damage to your building, leased or owned equipment, and other property on the premises. Commercial property insurance can cover items such as furniture, inventory, computers, and anything else that would be considered necessary for performing normal business operations.<\/p>\n<p>Commercial property insurance is typically purchased as a stand-alone policy or as part of a comprehensive business owner\u2019s policy that also includes property and general liability coverage.<\/p>\n<p>Commercial property insurance is offered on either a replacement cost or actual cash value basis:<\/p>\n<ul>\n<li><strong>Replacement cost:<\/strong> Pays the cost to replace or repair the damaged property with materials of like kind and quality without any depreciation deduction.<\/li>\n<li><strong>Actual cash value:<\/strong> Pays the cost to repair or replace the damaged property minus depreciation.<\/li>\n<\/ul>\n<h2>2. Employment Practices Liability Insurance<\/h2>\n<p><a href=\"https:\/\/gtminsurance.com\/business-insurance\/employment-practice-liability-insurance\/\" target=\"_blank\" rel=\"noopener\">Employment practices liability insurance<\/a> (EPLI) is a form of insurance that covers wrongful acts that occur during the employment process. The most frequent types of claims covered under an EPLI policy include claims of discrimination, wrongful termination, sexual harassment, and retaliation.<\/p>\n<p>These policies may reimburse your company against the costs of defending a lawsuit in court and for judgments and settlements. EPLI may cover legal costs, regardless of whether your company wins or loses the suit. However, these policies typically do not pay for punitive damages or civil or criminal fines.<\/p>\n<h2>3. Workers\u2019 Compensation Insurance<\/h2>\n<p><a href=\"https:\/\/gtm.com\/business\/workers-compensation-businesses\/\">Workers\u2019 compensation<\/a> is important if an employee suffers a work-related injury or illness. This type of insurance is required in most states and is used to cover medical bills or wage replacements for employees who experience a work-related injury.<\/p>\n<p>For example, if a worker pulls a back muscle at work and is unable to perform their duties, workers\u2019 compensation may help cover any physical therapy costs as well as compensate the employee for any lost wages.<\/p>\n<p>Having workers\u2019 compensation insurance can also protect your business from civil suits made by employees against your company related to their injuries.<\/p>\n<h2>4. Commercial Auto Insurance<\/h2>\n<p><a href=\"https:\/\/gtminsurance.com\/business-insurance\/commercial-auto-insurance\/\" target=\"_blank\" rel=\"noopener\">Commercial auto insurance<\/a> helps cover the costs of an auto accident if you or an employee is at fault. This coverage can help pay for damaged property and medical expenses.<\/p>\n<p>Your business should consider a commercial auto policy if any of the following are true:<\/p>\n<ul>\n<li>Your business owns, leases, or rents vehicles such as cars, trucks, or vans.<\/li>\n<li>Your business has employees who drive their vehicles to conduct business.<\/li>\n<li>Your business has employees who operate leased, rented, or owned company vehicles.<\/li>\n<\/ul>\n<h2>5. Professional Liability Insurance<\/h2>\n<p>Professional liability insurance, also known as errors and omissions insurance, can protect your business against claims that a service you provided caused a client to suffer due to a mistake on your part or because you failed to perform a service.<\/p>\n<p>Professional liability insurance can cover the cost of defending your business in a civil lawsuit for an alleged error or omission. Depending on your industry, professional liability insurance may be required by law.<\/p>\n<p>While many types of businesses need professional liability insurance, you should consider this type of insurance if your business works directly with customers to provide services.<\/p>\n<p><em>\u00a9 2024 Zywave, Inc. All rights reserved.<\/em><\/p>\n<h2>More Information<\/h2>\n<p>Contact the <a href=\"https:\/\/gtminsurance.com\/business-insurance\/\" target=\"_blank\" rel=\"noopener\">GTM Insurance Agency<\/a> today to help you analyze your needs and decide on the right coverage for you and your growing business. They will customize a package of insurance products and employee benefits that will meet your needs and fit your budget, offering policies and benefits underwritten by major carriers. <a href=\"https:\/\/gtminsurance.com\/get-a-quote\/\" target=\"_blank\" rel=\"noopener\">Get a free quote<\/a> today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>These five insurance policies can help your small business make decisions to financially protect employees and the business\u2019s bottom line.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[232],"tags":[20,29,10,44],"post_folder":[],"class_list":["post-16509","post","type-post","status-publish","format-standard","hentry","category-gtm-biz-blog-isolved","tag-employee-benefits","tag-insurance","tag-small-business","tag-workers-comp"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/16509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=16509"}],"version-history":[{"count":5,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/16509\/revisions"}],"predecessor-version":[{"id":16671,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/16509\/revisions\/16671"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=16509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=16509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=16509"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=16509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}