Does Your Business Have Adequate Insurance Protection?
Any time you launch a business, you open yourself up to risk. Fortunately, there are some simple and effective ways for businesses to mitigate risk. One of the most important solutions is to shore up your insurance coverage.
This can prove easier said than done because all businesses are different, and insurance needs can vary. Rather than seek one-size-fits-all coverage, it’s important to speak with a broker who can guide you toward the most effective insurance solutions to address your business needs.
As you start thinking about different types of coverage, here are some of the most common policies for small and medium-sized businesses.
Common Types of Insurance for Small and Mid-Sized Businesses
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions (E&O) coverage, will protect your business against any claims that your product or service caused somebody harm. Professional liability will also protect you against claims that you injured someone through a mistake that you made, or through failing to perform a certain type of service.
Property Insurance
Businesses almost always need property insurance, regardless of whether they own or lease their space. Property insurance can cover damage to things like signage, equipment, etc.
Worker’s Compensation Insurance
If you have employees, then you probably want to consider worker’s comp insurance. These policies protect you in the event that a worker becomes injured on the job. Worker’s compensation insurance can help defray costs related to medical treatments, legal expenses, or even funeral expenses.
Home-Based Business Insurance
It’s increasingly common for entrepreneurs to set up shop in an attic, basement, or garage. If you run a business from your home, be aware that your work materials probably won’t be covered under your normal homeowners insurance policy. A home-based business insurance policy may be needed.
Vehicle Insurance
There are a couple of reasons why you may wish to invest in vehicle insurance for your business. One, it can be useful if you have employees who operate their personal vehicles for business activities. And two, it can provide protection for any company-owned vehicles that you have.
Business Interruption Insurance
During COVID-19, many businesses had to suspend their normal operations for a short time, resulting in lost revenues and productivity. Business interruption insurance can offer protections for such losses… not just due to pandemics, but also things like road closures, natural disasters, and more.
Product Liability Insurance
No matter how good your product is, there’s always a chance that it could cause some kind of unintentional damage to a consumer’s property, or even to their person. Product liability insurance can be an important protection.
Learn More About Insurance Options
What types of insurance do you need to verify that your company is adequately protected? The best way to find out is by speaking with an experienced broker. Feel free to contact our FullHR team whenever you’d like to chat about your company’s insurance needs.
