Small business owners have a lot on their plate. Running a small business is quite the task and often takes a lot of time and money. So, small business owners want to protect what they have built.
Especially when a business is new, many small business owners find themselves at a loss on what kind of insurance they may need in order to keep themselves protected. However, after all the time they have spent building their business, there are a few things they need to think about in order to keep all their hard work and invested money safe.
Each small business situation is unique. Some small businesses may require more or less coverage than others. This article will outline the four most common needed small business insurances, but you should assess the needs of your specific business to make sure you are fully covered in your policies.
General Liability
General liability insuranceis one of the first investments the small business owner should make on behalf of protecting their business. This insurance is your protection against claims made against you or your small business.
This type of insurance covers a variety of concerns but includes things such as bodily harm. If a customer hurts themselves on your property, for example. This insurance may also cover you if you are sued for copyright infringement during an ad, for example.
Commercial Property Insurance
Commercial property insurance is similar to homeowner’s insurance for businesses. Under coverage, commercial property insurance would give protection against your property and equipment under covered events. Further, you may also be covered for loss of income under this type of insurance.
Most commercial properties have some kind of value beyond the value of the land and building. This type of insurance protects your property and all of the equipment that may be used during your regular business operations.
Workers Compensation Insurance
If you have any employees at all, then you will want to make sure you have workers compensation insurance. Workers compensations covers you when an employee is injured on the job and also covers the health costs for the employee. Get a workers compensation insurance quote here.
Further, workers compensation insurance provides assistance to families whose life is lost while on the job for your small business. This type of insurance is one that could save your business from bankruptcy in the event of a serious incident on the job.
Commercial Auto Insurance
If your business has any vehicles that are used for any reason, then you will also need commercial auto insurance. Commercial auto insurance covers your vehicles and the employees who are insured in order to drive those vehicles in an event there is a car or motorcycle injury accident.
Final Thoughts
No matter what type of small business you are running, protecting your assets that go along with your business is crucial to your success. Without these various types of insurance, one small matter could completely wipe you out financially. Take the right steps to prevent loss of assets today.
