If you own a small business, you know how challenging yet rewarding it can be. You’ve worked hard to get your business to where it is today, and that hard work should be protected.
Properly insuring your small business is essential to protect yourself and your business.
When it comes down to business insurance, it can be quite comprehensive, detailed, and confusing, especially for a new business owner. So, we’ve decided to break it down with a small business guide to insurance.
There are at least four kinds of insurance that we recommend for small businesses. These are property, liability, worker’s compensation, and commercial auto insurance.
- Property Insurance:
Property insurance will protect you from an incident that damages your business’s property. This could be something such as a fire or theft. Property insurance can include many different coverages, depending on what your business needs. Under this policy, the contents inside your business, such as any equipment or furniture, are covered.
- Liability Insurance:
Liability Insurance protects you from any loss caused by any third-party claims. These could include an injury, damage to property, defamation, and more. This is extremely important and can cover most of the incidents and lawsuits small business owners will commonly encounter.
- Worker’s Compensation:
Worker’s compensation is required if you have any employees (even if just part-time), working for your business. This will protect you if one of your employees is injured while on the job. It will cover medical bills and will even pay out some of their missing wages.
- Commercial Auto Insurance:
If your business is on the road often, this is essential. Commercial auto insurance will cover any third-party auto accidents, whether that be an injury or damage to the vehicle.
The above are only some of the insurance policies your business might need. Be sure to talk to your agent to go over the different plans and options there are for your business. Call your local Avery Hall Insurance office or visit us on the web at averyhall.com to request a no obligation consultation.