Protection against loss is critical for everything you do, including running your own business or side hustling. The primary tool for mitigating business risks, is property and casualty insurance.
This post will talk about the most important types of property and casualty insurance for small businesses and side hustles.
Some small businesses buy a package policy, called a business owners policy (BOP), to cover their vehicle, liability, and property exposures.
The vehicle coverage is the same whether bought in a BOP or a separate commercial auto policy.
Premises and operations coverage provides insurance for things related to your business location or operations. It covers injuries to third parties or damage to their property.
Product liability coverage provides insurance for damages related to your product. These damages include third parties (not employees) who are injured or their property when damaged.
Property insurance protects your property, including buildings and their contents. You can also purchase insurance for just the contents if you don’t own the building.
An umbrella policy lets you increase the limits of liability on all your liability policies at once. An umbrella policy can provide coverage for vehicles, Prem/Ops, and products liability.
Professional liability insurance protects you against claims that you have caused someone an economic loss by making a mistake when providing professional services.