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Things to Consider When Insuring Your Small Business

What Are The Biggest Risks In Your Industry?
When starting up a business, you often need to consider what kind of insurance is right for your small business. Many insurance companies offer a basic business owner’s package, but that may not fit all of your needs. Understanding your potential liabilities, what your deductibles could be, and what situations your insurance may not cover can help you be prepared for the worst. These are important factors to consider when you buy small business insurance.
General Liability Insurance
Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party. Click the following link for additional details. Commercial General Liability
If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
Commercial Auto Insurance
You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage.
Business Owners Policy (BOP):
A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.



Professional Liability Insurance
this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference.  
Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, and insurance agents.
This coverage provides insurance to employees who are injured on the job. It provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident.
As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff
Running a business is not a piece of cake. You need to take care of various elements which have a direct impact on your business. Having a business is suck a rewarding venture, It is the realization for your dreams. That is why we are here to guide you through the process of finding the right coverage to help you protect your assets.
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