insurance for small business

Insurance For Small Business: Policies Protect Your Assets

Imagine everything you’ve worked hard to build taken away from you in the blink of an eye. In the world of business, that’s all the time it takes for things to go haywire. Such as, a customer fall, an employee injury on the job, or a natural disaster damages your commercial property. Perhaps your equipment gets damaged or stolen and your staff is unable to complete their jobs. Very quickly, you could find yourself in a world of financial and legal trouble. Whatever the issue, insurance for small businesses is necessary to avoid debilitating loss.

There are effective precautions, safety measures, policies, and procedures you could put into place. These proactively protect your small business. These include keeping up with building maintenance and equipment repair. Also, maintaining a clean and safe environment for customers and staff helps protect your business. Lastly, investing in a security system, and educating staff through health and safety training offers protection. Be that as it may, there are times that these measures are not enough.

Should something happen to your employees, customers, commercial property, equipment, or otherwise, you should have the appropriate protection.  There are several types of small business insurance policies that can save you money. They also provide you with peace of mind. Here are a few listed below: 

Liability Insurance

No matter what type of business you run, liability insurance is something you should purchase. Though policies vary, liability insurance for small businesses provides financial protection to the company in the event of a lawsuit or complaint from an outside party (i.e. customer, investor, vendor, etc). The policy will cover legal costs and any obligations to the suing party including medical bills, legal fees, and court costs. So, for instance, if a customer slips and falls while in your retail store decides to sue, you won’t have to dig into your personal finances or drain the company resources to cover the costs associated with the lawsuit. 

Car Insurance

Do your employees often utilize vehicles to conduct business? You must protect both the car and your employees in the event of an accident. This means having adequate insurance coverage for all company cars and your staff.

Look into the types of policies you need including cheap car insurance for high-risk drivers if you have employees on the payroll with less than stellar driving histories. This way, if they do get into an accident while on the clock, the small business insurance will cover associated fees. This includes any damages and repairs to the company car, medical bills, and any related expenses other parties might have incurred (if your employee was the driver at-fault). 

Equipment Insurance For Small Businesses

Businesses often invest hundreds of thousands of dollars into equipment like computers, printers, laptops, smartphones, office furniture, and other items as a means of operating efficiently. When equipment gets damaged or stolen, business slows down or halts. Having these items repaired and replaced is expensive. However, with small business insurance on your equipment, you won’t have to worry. Simply pay the predetermined deductible and have covered (and eligible) equipment repaired or replaced. 


Property Insurance

For businesses running in a brick and mortar location, having property insurance is a necessity. There are a number of unforeseen events that could occur causing damage to your commercial building and/or the contents within. Natural disasters include fire or robbery. If this happens, you want to be able to get your property repaired and items replaced as quickly as possible so that business can resume.

As this can cost thousands of dollars to handle on your own, commercial property insurance is a lifesaver. Insurance pays for the cost of damage, repairs, and replaces items beyond repair or stolen. There are some commercial property insurance providers that will also cover the cost of lost wages or increased expenses as a direct result of the unforeseen circumstance. 

All business owners should do their due diligence and protect their business in every way possible. Purchasing insurance policies such as those described above will take a huge financial burden off your shoulders. Should something go wrong (though you hope it doesn’t), at the very least, you know that you don’t have to bankrupt your business to resolve the matter