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  • Writer's picturePeterson Insurance

Understanding the Ins and Outs of Insurance for Small Businesses: Part 1

Updated: Mar 7

Are you a small business? If so, we can help you get the business insurance coverage you need. For small business owners, investing in insurance is one of the best moves they can make. Why? Well, the chances of a claim may be slim, but the repercussions of being underinsured can be devastating. 

An indoor storage unit

What is business insurance?

Business insurance policies are designed to provide coverage for your vehicles, property, business inventory, liability protection and coverages for your employees. 

 

Who qualifies for business insurance? 

Sole proprietors, Partnerships, LLCs and Corporations. This type of insurance is tailored specifically to cover your business needs. For example, professional offices, consultants, florists, food trucks, storage unit rentals, tech businesses, property rentals and retailers typically require business insurance to protect against potential losses. 

 

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What does business insurance cover? 

Business insurance policies are designed to cover your needs. This means protection for your buildings, vehicles, inventory, employees, and loss of income from a covered claim. 


To fully understand these business insurance plans, small business owners need to work with an agent who can help them navigate this. Often, special endorsements or riders can be added to tailor coverage to a business’s unique needs. Business owners can work with their agents to help customize the right business insurance policy that is best for them.

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Common types of commercial insurance policies:

There are several types of commercial insurance policies. Peterson Insurance Group can help you with:  

  • General Liability (GL) Insurance: Sometimes called small business liability insurance or commercial liability insurance, provides insurance coverage for your business against claims made by others including bodily injury or damage to property.

  • Professional Liability Insurance (Errors & Omissions Insurance): This insurance is essential for businesses that provide professional services or advice. It covers Professionals such as consultants, accountants, lawyers, and architects, etc.

  • Property Insurance: Property insurance can protect a business's physical assets, including buildings, equipment, inventory, and furniture, from risks such as fire, theft, and vandalism, etc. 

  • Business Owner's Policy (BOP): A business owner’s policy combines several types of coverage into a single package, typically including general liability, and property insurance together.

  • Workers’ Compensation Insurance: Workers’ compensation can cover owners and employees for injuries that result from a work-related injury. 

  • Commercial Auto Insurance: Vehicles that are owned by your business and used vehicles for work purposes.

  • Umbrella Liability Insurance: Umbrella insurance provides increased liability coverage above the limits of primary liability policies.



Peterson Insurance can help businesses identify specific insurance needs and secure appropriate coverage at competitive rates. Regular reviews of insurance policies are also recommended to ensure adequate protection as business operations evolve. Contact us today to get a business insurance quote



 

Peterson Insurance Group is a family-owned and operated independent insurance agency representing multiple companies located in Weaverville, NC. Founded in 2001, the company is owned by Eirene Peterson-Burnette, the successor to the founder, Stom Peterson. Together, with her team, Peterson Insurance provides exceptional, personal service guiding customers through the maze of insurance options. Visit us at 1 South Main Street Extension, Weaverville, NC 28787 or call 828-645-8777.


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