Do you have the right insurance coverage for small business?[/caption] If you’re ready to embark on the path to your dream of owning your own business, you need to make sure your investment is fully protected, especially financially. It’s likely you are either investing a lot of your own money or borrowing it to get your business started. For this reason, it’s necessary to understand what you need for insurance coverage for a small business. Without the right insurance, you could be putting it all at risk.
Whether your business operates in a brick and mortar building or you run it from your own home, you need to purchase the appropriate insurance for small businesses to cover any property related to the business itself. While most people understand this coverage protects the building in which your business is housed, it can also provide coverage for any other items used for your business operations, such as computers, desks, raw materials, and inventory. Make sure you provide your insurance carrier with a list of items you need covered.
Small business liability insurance is another necessary type of insurance for just about every business. Operating a business often opens the door for someone to sue you in the event they suffer damages as a result of your business. Whether someone slips and falls on your premises or they are injured due to a defective product, liability insurance for a small business will help pay for the court and lawyer costs associated with a law suit someone may file. This type of lawsuit can be extremely damaging to your business without the proper coverage.
Some businesses use vehicles to transport goods or their workers to a point of service. If you have this type of business, it’s important to talk to your insurance agent about adding a business auto insurance policy. This policy varies from your typical auto insurance. Some small business owners think they can simply cover their business vehicle under their existing policy, but this will not provide the level of coverage you need to protect your business.
Workers Compensation Insurance
If your business is successful enough to require hiring employees, it’s time to invest in workers compensation insurance. This type of insurance coverage for small businesses shouldn’t be overlooked if you have employees who will work at your physical location. Anyone injured on the job deserves compensation from this type of policy. If you don’t have one, you will be responsible to cover the costs yourself. If you own a small business, it’s important to make sure you purchase the right insurance coverage to ensure your business is protected from financial ruin. Talking to your insurance agent about any required policies, as well as other options you may need, will ensure your business isn’t at risk should disaster strike. If you want to make sure your business is fully covered, contact us. At Steven Graves Insurance, our agents can review what you need and help you find an affordable policy that meets your requirements.