You have spent so much time building your small business. You want to take over the world, but first, you need to make sure you have the insurance that you need. You can have an amazing business plan, but if you fail to have good insurance, your business will go out with a whimper.
You might think you can just ask for business insurance, but there are actually many different business insurance options. Buying business insurance isn’t the same as purchasing auto insurance. You need to know exactly what you want when you buy your business insurance.
You might need a single policy or you may require a variety of policies. It’s important that you look at all of your options and choose the policy or policies that are right for you.
Just answer some questions and then pick the policies that you need.
Unless you work out of your home, you need separate property insurance for your business. Your property insurance policy will cover your external structures, equipment, and contents. This is essential if you’re going to get back on your feet if a disaster strikes.
In addition, add business interruption insurance. This insurance covers your lost income due to property damage.
If you are a sole proprietor, you don’t have to worry about taking care of employees. You just have to worry about yourself. However, if you have people under your care, you need insurance to protect them…and you.
First, you need to provide health insurance to your employees. There is an employer mandate under the Affordable Care Act that requires that businesses with 50 or more employees provide health insurance. Even if you have fewer employees, you need to keep them healthy, so it’s a good idea to provide health insurance. Do you really want your employees hacking all day while at work because they can’t afford to go to a doctor?
You also need to have workers’ compensation insurance. This will cover lost wages and medical expenses if someone gets hurt at work. That can be a real bank account saver.
You’ve heard horror stories about customers slipping, falling, and suing. Protect yourself with liability insurance. Let the insurance company handle any lawsuits so you don’t have to take them on yourself.
If you have commercial vehicles, don’t use regular auto insurance. You need commercial auto
insurance to protect your company. These policies provide ample coverage for your vehicles and your employees when they are out on the road or parked at your establishment.
If your business income pays the bills for the family, you need to make sure that everyone is protected. That starts with disability insurance to cover your expenses if you are disabled.
You need to add a life insurance policy as well. You don’t want your family’s finances to go belly up if something happens to you.
Business insurance is an important step in protecting your company. Get started by filling out a business insurance quote today.