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9 Must-Have Insurance Policies for Entrepreneurs

As an entrepreneur, you pour your heart and soul into building your business from the ground up. It’s important to remember to protect your business against potential risks and liabilities along the way. With over four decades of experience, our Maryland insurance agency is dedicated to providing comprehensive insurance solutions tailored to meet the diverse needs of our clients across D.C., Delaware, Maryland, and Virginia.

Below, the trusted insurance professionals at Unity Insurance discuss nine types of business insurance you should consider if your small business is just getting started.

1. General Liability Insurance

Considered essential for any business, general liability insurance provides coverage for third-party bodily injury, property damage, and personal injury claims that may be filed against your business. Whether a customer slips and falls in your store or your product causes damage to someone’s property, this policy can help cover legal fees, medical expenses, and settlements.

2. Professional Liability Insurance

Also known as errors and omissions insurance, professional liability insurance coverage is fundamental for service-based businesses. It protects against claims of negligence, errors, or omissions in the services you provide. For example, if a client alleges that your advice led to financial loss or harm, this policy can provide defense costs and damages.

3. Business Interruption Insurance

Unexpected events like natural disasters or equipment breakdowns can disrupt your business operations and result in financial losses. Business interruption insurance helps cover lost income and ongoing expenses during a temporary shutdown, allowing you to keep your business afloat until you can resume operations. 

4. Commercial Property Insurance

Your business property, including your building, equipment, and inventory, is susceptible to many risks, such as fire, theft, and vandalism. Commercial property insurance safeguards that property by providing coverage for repair or replacement costs in the event of covered perils.

5. Commercial Auto Insurance

If your business relies on vehicles for its operation, commercial auto insurance is a necessity. It protects your company vehicles and drivers in the case of accidents, theft, or damage, covering medical expenses, vehicle repairs, and liability claims.

6. Cyber Liability Coverage

In today’s digital age, cyber threats pose a significant risk to businesses of all sizes. Cyber liability coverage helps protect your business against data breaches, cyberattacks, and other digital threats. It can cover expenses related to data recovery, legal fees, and customer notifications in the event of a breach.

Read more about why you may need cyber liability insurance on the blog.

7. Umbrella Insurance

For added peace of mind, you may want to consider an umbrella insurance policy. This provides additional liability coverage beyond the limits of your primary insurance policies, offering extra protection against catastrophic events and high-dollar lawsuits.

8. Employment Practices Liability Insurance (EPLI)

As an employer, you face the risk of employee-related claims such as discrimination, harassment, or wrongful termination. EPLI provides coverage for legal defense costs and settlements arising from employment-related lawsuits, helping protect your business’s reputation and finances.

9. Business Owners Policy (BOP)

A business owner’s policy, or BOP, combines several essential coverages into a single, cost-effective package tailored for small businesses. It typically includes general liability, property, and business interruption insurance, providing comprehensive protection against common risks.

At Unity Insurance, we’re committed to helping entrepreneurs like you navigate the complexities of insurance with confidence. As a small business insurance agency, we understand the importance of personalized service and proactive risk management. Our team of experienced professionals is here to guide you every step of the way, ensuring that you have the coverage you need to protect your business for years to come.

Don’t wait until it’s too late. Contact us today to learn more about our comprehensive insurance solutions for entrepreneurs. With our expertise and dedication, you can focus on growing your business knowing that you’re adequately protected against unforeseen risks and liabilities.

Speak With An Agent At Unity Insurance About Your D.C., Virginia, Delaware, and Maryland Insurance Needs Today

Unity’s insurance professionals serve as your advocate from the very beginning. From selecting coverage to filing a claim, we are by your side every step of the way. At Unity Insurance, we know insurance plays a vital role in every stage of your life and business so our professionals provide guidance and support to ensure you make the right decisions regarding your insurance options. We work with clients in Maryland, Delaware, DC, and Virginia to provide the best plan for individual needs.

Call 410-539-6642 to learn how the experienced insurance agents at Unity Insurance can assist you.