Why Business Insurance?

Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.

Business insurance can fill in the gaps to make sure both your personal assets and your business assets are fully protected from unexpected catastrophes.

In some instances, you might be legally required to purchase certain types of business insurance.

Some states also require additional insurance. Laws requiring insurance vary by state, so visit your state’s website to find out the requirements for your business.

Six common types of business insurance

As a general rule, you should insure against things you wouldn’t be able to pay for on your own.

Here are six common kinds of business insurance to look for.

Insurance Type Who it’s For What it Does
General liability insurance Any business This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.


Product liability insurance Businesses that manufacture, wholesale, distribute, and retail a product.


This coverage protects against financial loss as a result of a defective product that causes injury or bodily harm.


Professional liability insurance


Businesses that provide services to customers This coverage protects against financial loss as a result of malpractice, errors, and negligence
Commercial property insurance


Businesses with a significant amount of property and physical assets.


This coverage protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.


Home-based business insurance


Businesses that are run out of the owner’s personal home.


Coverage that’s added to homeowner’s insurance as a rider can offer protection for a small amount of business equipment and liability coverage for third-party injuries.


Business owner’s policy


Most small business owners, but especially home-based business owners.


A business owner’s policy is an insurance package that combines all of the typical coverage options into one bundle. They simplify the insurance buying process and can save you money.



Four steps to buy business insurance

Assess your risks. Think about what kind of accidents, natural disasters, or lawsuits could damage your business.

Find a reputable licensed agent. Commercial insurance agents can help you find policies that match your business needs.

Shop around. Prices and benefits can vary significantly. You should compare rates, terms, and benefits for insurance.

Re-assess every year. As your business grows, so do your liabilities. If you have purchased or replaced equipment or expanded operations, you should contact your insurance agent to discuss changes in your business and how they affect your coverage.

As always, if you have more business insurance related questions do not hesitate to contact our Aitken & Ormond Insurance offices!

The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.

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Are you ready to save time, aggravation, and money? The team at Aitken Ormond Insurance is here and ready to make the process as painless as possible. We look forward to meeting you!

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