Calling all small business owners!
How prepared are you when disaster strikes?
Maybe you’re downright befuddled with all the options for insurance available to you. Well, we’re here to help! When starting a small business, it is important to consider all the ways in which various insurance programs can help to cover and protect your assets. Here are eight of the most common different types of insurance small business owners can choose from. Remember, you may need several different policies for your company in order to protect every angle of doing what you love.
Perhaps one of the most encompassing insurances of all is Public Liability Insurance. Under this type of policy, the insurance program will cover claims that are filed against your company regarding incidents that concern your business. Claims such as this might include personal injury or damage to property. For example, someone may slip and dislocate their hip on an icy patch in winter. Under a public liability insurance policy, your company would have everything it needed to cover this example and many others of general liability claims.
Another important kind of insurance for a private business to hold is property insurance. Property insurance protects your company from any disasters that may occur to your property, such as vandalism, fire, smoke damage issues, or an incident of theft. Without this kind of policy, small businesses are forced to take a hit to their wallet in order to repair or recoup the damages. Playing it on the safe side with affordable property insurance will keep your losses at a minimum and the headaches that come along with recouping them also at bay.
If your business includes delivery of items or a fleet of vehicles, commercial auto insurance is very important to have. Any collisions or damages that your vehicles incur will be covered by such a policy so that repairs are not coming directly out of your pocket. If your team uses their own vehicles and insurance for company activities, you should still consider purchasing non-owned auto liability in case your drivers’ insurances aren’t enough to cover the damages, again to protect your own business.
Workers’ Compensation insurance is a well-known type of liability insurance that all employers ought to invest in. Essentially, in return for your employee’s agreement not to sue you in case of injury, illness, or medical issues that arise on the job, you provide them with insurance to help pay for the time off they must take or the medical care they need to receive. In most states, workers’ compensation insurance is required if you are issuing W2s to your employees.
If your small business is involved with data collection, data breach insurance would be a smart insurance to look into, as it protects your company in case there is a data leak from within. Healthcare, accounting,