Insurance Insights
April 15, 2021

What Types of Small Business Insurance Do I Need?

Business Insurance companies are not made equal.

What types of small business insurance do you need? As a business owner, you often have many questions on your mind. After all, there are a lot of moving parts involved in running your own business! If you’ve found yourself wondering if you need business insurance, we can assure you – the answer is yes. No matter the size of your business, you need to shield yourself from risk. But while insurance is key, you may still be wondering what types would work best for your small business.

Start by thinking about your business and what it needs to run at its best. In this phase of choosing your business insurance, feel free to account for every detail. Consider the tools or equipment you use in your everyday operations. There are insurance coverage plans available that can keep their value protected. As a baseline, we recommend that you consider the following types of insurance for your small business:

1. Property Insurance:

Property Insurance is one of the most crucial insurance plans you can invest in. A commercial property insurance policy covers losses to your business’ physical location. These insurance plans also cover losses to any of your “real” property. Your “real” property can include any of these items:

  • Buildings
  • Furniture
  • Contents
  • Equipment
  • Fixtures
  • Inventory

With the right property insurance plan, like items like get replaced in the event of any damage to them. The best plans cover the replacement costs of these items if they are damaged due to a fire, flood, or theft. This is one of the most important insurance plans you can invest in!

2. General Liability Insurance:

General Liability is another key type of insurance to invest in for your business. These plans protect you against liability for bodily, personal, or advertising injury. For example, if a customer falls inside or outside your store, this coverage can help pay for their medical bills. Without this coverage, you’d have to pay these costs yourself. By choosing the right commercial insurance company and plan, you can keep your costs down!

3. Worker’s Compensation Insurance:

Workers’ compensation insurance covers you if an employee is injured on the job. It can also help injured employees return to work quickly with little loss of income. These insurance plans also often cover the costs of:

  •  Medical care
  • Lost wages for medical time off
  • Disability benefits

This helps more businesses than you’d think! Whether your employees mostly work with computers or have to lift heavy loads daily, you should invest in this insurance.

4. Business Auto Insurance:

These plans are perfect if you need your employees to drive for your business. Plans like these are particularly important for businesses that:

  • Have workers that drive leased, rented or owned company vehicles
  • Own, lease or rent vehicles
  • Have employees that drive their own cars regularly for the business

Many of these plans are comparable to personal auto insurance plans. So, it’s not too tricky to choose the best plan for you and your small business!

5. Employment & Related Practices Liability Insurance:

These policies cover you, your business, and any employees from actual or alleged wrongful acts related to employment and workplace disputes. These plans also protect your business from unexpected legal fees and judgments.

6. Commercial Umbrella Insurance:

Much like the name implies, these policies provide broader protection. They may offer protection over all your other commercial property and liability policies – more than is standard. This is a great way to keep all your bases covered after investing in the other major forms of business insurance!

There are also many specialized forms of business insurance as well! These can include:

  • Environmental
  • Liquor Liability
  • Inland Marine
  • Directors & Officers

We understand the complexities of comprehensive business insurance and do our best to assist businesses in finding the right plan. Our team approaches each client individually, to understand the unique risks they have. Then we build a protection program that will meet those needs and look for the best rates to fit their budget.

Whatever your small business specializes in, we make it our goal to help you reduce risk. We are your partner in getting the best protection for your business as possible.

Contact us today to discuss the best possible insurance plan or package for you!

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