Insurance For Small Businesses
Congratulations on starting your small business. Small business owners have many decisions to make. The startup process is filled with excitement and stress over these decisions. You must create your business plan, determine how long it will take to become profitable, decide how many employees to hire and select the best location for your offices. In the midst of the myriad of other decisions you must make when starting your small business, you must also ensure you are protecting your business assets so that it can continue to prosper well into the future.
Small business insurance is a strategic asset that protects your hard earned investment. Some types of commercial insurance coverage is required by law while other types may be required by business partners or to win professional contracts.
General liability protects your small business from financial damage caused by harm to your customers. If your company’s products or service cause physical or financial harm to a client, a comprehensive general liability insurance policy pays the customer damages owed.
If a customer is injured while inside your business offices or their car is damaged while parked in your business parking lot, general liability covers the related expenses and damages. General liability protects you from legal issues that may arise due to products you sell or services you offer as well. As a comprehensive business insurance policy, general liability automatically expands to protect new products and services that you offer in your business.
Business Owners Policy (Bop)
A business owners insurance policy includes general liability and adds additional protection for both tangible and intangible business assets.
Tangible, or physical property covered by a BOP includes your business offices, buildings and structures you lease or rent, and important contents inside those structures. The furniture inside your office is protected under the property protection section of a BOP. Computer equipment, valuable papers and critical electronic data files are also protected, as is off site business equipment such a tools or mobile electronics.
A business owners insurance policy can be designed to protect your intangible business assets as well. If your office must stop work due to the loss of equipment in a fire for example, the BOP can provide for your lost income. A BOP can also help you shoulder the expense of renting a temporary office while waiting for your primary offices to be repaired.
Depending upon the type of small business you operate, you may benefit greatly from professional liability insurance. Professional liability is also known as errors and omissions insurance. It is designed to protect professionals if they make a mistake in their services that causes financial harm to their clients.
If your business requires travel by auto in any form, business auto insurance can help protect you from financial hardships caused by auto accidents. Business auto insurance pays for medical care and treatment of injuries caused in an auto accident, and can help repair or damage vehicles involved.
Every state in the nation requires you to carry workers comp insurance if you have one or more employees. Workers comp pays for your employee’s medical expenses and related care needs if they are injured while performing job-specific duties.
Surety bonds provide guarantees that you will perform specific services or provide products according to the terms of a business contract. Some clients require your business to be bonded before they will award you contracts.
Meet with one of our commercial insurance specialists today so that we can help design just the right asset protection for your small business.