A small business often comes with big risk; ask any business owner around. Even before the first employee is hired, you better be sure you’re covered. Fortunately, business owners have access to a variety of insurance coverages to protect their newest venture. Here are several types of insurance a small business should consider:
- Commercial General Liability: No one likes a lawsuit! Liability insurance will pay for damages for which you are found liable. In the event someone claims your business has caused them harm as a result of a hazardous environment, defective product, an error in a service or disregard for another person’s property and you are found liable – you’ll be covered.
- Property Insurance: This protects your property in the event of a fire, vandalism, theft, smoke damage, etc. Whether you own the building or rent and have business personal property (office equipment, computers, inventory, etc.) this provides protection. You may also want to consider business interruption/extra expense insurance as part of the policy to protect your earnings if the business is unable to operate.
- Business Auto: Vehicles that carry employees, products, or equipment will be protected. If you don’t have company vehicles, but employees drive their own vehicles on company business, you should have non-owned auto liability insurance to protect the company in the event the employee does not have their own auto insurance, or does not carry adequate limits of liability.
- Worker’s Compensation: This provides wage replacement and medical benefits to employees who are injured while working. Even if employees are performing seemingly low-risk work, slip and fall injuries or medical conditions such as carpal tunnel syndrome could result in a pricey claim.
These are only a few coverages of insurance a business owner should consider. Talk to your agent to be sure your business’ risks are adequately covered.