Does Your Small Business Need an Insurance?

Each and every small business establishment should protect and shield their company with purchasing insurance. Here’s where small business insurance comes in to place. Lawsuits, charges and claims can be very timewasting and of course, expensive. There are multiple types of insurances that can be acquired or purchased. Here are some of them and the relevance they would give to your establishment.

General Liability Insurance Coverage 

Even if you have a home-based business, you need to have liability insurance. The policy covers damage to the property of others. It also includes injuries wherein a third party is affected. In addition, it gives protection from claims of slander and libel. This type of insurance is also required by landlords to their tenants who lease certain spaces in their buildings. 

BOP

The Business Owner’s Policy or BOP consists of all the needed packages an establishment owner would require. BOPs usually cover crime insurance, vehicle coverage, liability insurance, property insurance, and business interruption insurance. You may alter or change the BOP depending on your companies’ necessities as well. This policy is advised for those owners who are on a budget as costs are much less and cheaper.

Property Insurance

In cases of vandalism, fire, theft, smoke damage, and so on and so forth, this type of insurance is highly recommended especially if you own equipment such as computers, tools, office machines, and the building itself. In order to protect your income if your establishment is unable to operate, you may also want to take into consideration business interruption of earning insurance to be included in the said policy.

Employees’ Compensation

This insures your workers and employees who may be injured during work or while on the job. Wage coverage and medical benefits are provided to those who are in need. In this regard, the worker would not have the right to sue the employer for this accident which caused injury. If you are a business owner, it is very crucial to acquire employee’s compensation insurance to safeguard yourself and your establishment from legal problems that may be incurred.

Commercial Auto Insurance

This type of insurance shields and protects a certain company’s vehicles. These automobiles usually transport employees, equipment, and various products. With commercial auto insurance, you can surely insure your utility SUVs, cars, vans, and trucks from damage, collisions, and accidents.

Professional Liability 

Your general liability does not cover this security. It is important to keep in mind the dissimilarity as this insurance is pertinent for any professional firm. These include accountants, consultants, lawyers, notaries, real estate agents, insurance agents, tech suppliers, and hair salons.

Officers Insurance

This insurance defends the directors of your company contrary to their actions or behaviour that affect the operations of your establishment. It will cover the monetary damages lost due to certain lawsuits against them.

These are just some of the important information that will aid you in acquiring the correct insurance for your small business. It is well advised to seek professional assistance, to talk to your insurance company regarding the proper benefits that are tailor-fit for your establishment. Keep in mind that unwanted situations occur and you must be ready to defend yourself from lawsuits that would affect profitability in your company.

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