Small Business Insurance
Starting a new business is an incredibly stressful thing to do. There are so many steps. From finding the right employees to getting your ideas out there. A business is an investment in your time, energy, and money. So you need to be sure to protect it. There are many reasons why insurance is important. Cover yourself well with these five essential small business insurance types that will make sure you are protected no matter what happens.
1) General Liability
This is the basic, although many people do overlook the reasons as to why they need to have liability insurance for business. General liability insurance is like having the brakes on your car. What it does it provides not only a defense and damages should you, one of your employees, or if even one of your services/products that sell has been alleged to cause any type of harm aka injury or property damage. Consider this the first tool in your business first-aid kit.
2) Commercial Auto Insurance
Most states require that you have car insurance. In a world where a simple scratch to your back bumper can cost $1000 to repair, it is simply essential. However, vehicles that fall under commercial use such as company cars or delivery vehicles are in a different category. These heavy usage fleet vehicles are the most susceptible insurance so make sure you are covered against damages.
3) Property
You already likely have a home or rental insurance. This covers you in case of theft, damage, fire, or any other sort of incident. So likewise the same logic applies to your business. Your business likely has a lot of valuable equipment from copiers and computers to merchandise and other forms of the property so make certain that you are covered.
4) Worker’s Compensation
Depending on the state you live, this may actually even be a necessity. Even if you work in the safest, most boring office where nothing could possibly go wrong you need to have it. You never know when a light might drop from the ceiling and you don’t want to have to pay for the damages. The purpose of workers compensation insurance is not only yourself safe, but more importantly your employees so that they can get back on the road to health and back to work quickly.
5) Life Insurance
You may or may not already have this, but as small business owner, this is essential. In a small business, you are likely the lifeblood of the company. It is your idea and your team depends on you. There are plans that not only cover your family, should something unforeseen happen, but your employees who depend on you.
Have Peace of Mind
Make sure you have the right insurance for your business. Whether you are looking at insurance for bars and nightclubs or insurance for a small boutique. Insurance is one of the essential things for setting up your own company. You need to make sure that should whatever happen you are covered. The best news most companies these days have special plans that bundle all these small business insurance protections together making good coverage an easily affordable option. This means that you can rest safe and sound knowing that company is in good hands no matter what happens.
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