If you own a small business, insurance is important because it’s the central protection of your major investments and your livelihood.
No matter what type of company you own, if you don’t have the proper coverage, you’re putting your business at risk. The right business insurance gives you peace of mind and helps you go forward confidently.
A good small business insurance policy includes property coverage from devastating events like vandalism, floods and fires. This covers not only the actual building your business operates in, but also your products, merchandise, tools and supplies — the items you need to run your business.
In addition, your policy may provide coverage for other costs, such as cleanup fees after a fire or other event covered under property insurance.
The liability portion of your policy is also of central importance. General liability protects your company from lawsuits stemming from injuries or negligence, such as if a customer is hurt on your property.
Product liability keeps you safe from lawsuits relating to injuries or damages caused by your product. The extent of this type of coverage varies based on the product you sell. For example, an electric garden tool has the potential for inflicting more injury than clothing.
Professional liability is vital if you offer a service, since it guards you against lawsuits related to mistakes or errors in judgment. Some professions are required to carry this type of insurance, like those in the medical field.
If you have a certain number of employees, you may be required to carry worker’s compensation coverage. This pays for any injuries to your employees while they are at work.
In particular industries, this is more vital than others. For example, if your employees are roofing a home, adequate worker’s compensation is a must, but if they are in an office all day, less coverage is needed.
If you operate out of your home, don’t be fooled — your homeowner’s policy isn’t enough. Typically, it won’t pay for any damages to your business equipment or merchandise. While the actual building will be covered, you will be responsible for replacing other losses.
If you use a car for your business, you may want a separate business auto coverage policy that will protect you in case of accidents.
If your company stores information or any other customer-related data, consider purchasing data compromise insurance too, in case private information on your clients is leaked or stolen.
No matter the industry, Four Seasons Insurance has small business insurance solutions for you. Contact the team today to set up a free consultation. At Four Seasons, your needs are fully assessed, and the correct, most cost-effective package is personalized for you and your company.