Her Company and those like her is the anchor of this country. Most people assume that large companies generate most of the revenue America produces, even though they simply don’t understand that, in general, small businesses hire far more people and produce even more revenue than large companies. When you start your own business, there are many elements that you will want to consider within your business strategy plan. An insurance policy mitigates your risk, small business insurance is one of the most important factors in your strategic business plan. When looking for business insurance packages, there are many types of insurance you’ll want to look at and now we can look at the various insurance policies. While we will discuss insurance coverages that are based on many types of businesses, you may want to speak with an experienced insurance agent regarding your business requirements.
General Commercial Liability
This is the first protection you’ll want to consider because it’s on the list of necessary insurance policies you can purchase. The following insurance policy coverage that defends your business for both bodily injury and property damage claims. This means that this protects your business from accidents at your fault, and insures your business in scenarios where a person or property is broken and/or injured. Every business company will need to have this particular coverage because they will be handling many types of claim instances. This particular policy defends your business for libel and slander as well as slip and fall incidents. This type of coverage insures you for several claim circumstances, not all of them. The types of insurance that are not covered by your standard liability policy are; Liquor Liability, Assault and Battery, Business Property, Workers Compensation, Professional Liability, or Business Auto. The coverage limits for this type of insurance policy go up to a certain limit and for a higher limit, you will need an Excess Insurance Policy. An Umbrella Policy can also cover your Auto Liability as well as your Workers’ Compensation coverage by increasing those liability limits. When deciding how much liability insurance you should consider how much you have to lose.
Small Business Property Insurance
You now have policy coverage that can protect you for both the building you own and the property within it. Generally, the following coverage plan covers the Building and/or contents for many types of incidents, such as fire. This coverage does not insure property leaving the premises, for that you would need Inland Marine insurance. An Inland Marine policy can cover anything from small equipment to large construction tools or any type of property that would be removed from business premises.
small business auto insurance
This coverage is auto insurance for your business cars. Typically, a small business requires higher auto insurance coverage limits compared to their own personal auto policy. Your small business auto policy would have increased liability coverage limits, but insurance coverages are relative. You typically look for liability insurance coverage along with the following; Medical payments, uninsured motorist coverage, comprehensive coverage, collision, towing and rental. If you ever rent a car or have a staff member drive their own personal car to run an errand, you must have rented and not owned car liability. As long as your LLC or Corporation owns the vehicle, you need to make sure the cars are insured with a commercial auto insurance policy.
workers compensation
This particular insurance coverage, also known as Employer’s Liability, would be the coverage that protects employees and can pay claims where any employee was injured on the job. Once again, another critical coverage considering that medical treatment is incredibly expensive. Without insurance, you insure yourself and will be responsible for almost all health care expenses or lawsuits. This coverage does not cover discrimination or sexual harassment claims for which you will need employment practices liability insurance.
Insurance is an important part of any organization. Protects your business for various types of claims. It is important that you understand what you are getting, in what area this insurance will cover you, and what is not covered in an insurance policy. Make sure you always understand your policy. Insurance is usually complicated knowing that is why you really need to buy from an insurance broker that pays for Small Business Insurance. Having provided insurance to business owners like you for over 35 years, we have the experience to help you with all of your small business insurance needs. Contact us for an insurance quote. We write insurance in multiple states and can easily help you get the insurance coverage you may need.