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5 Types of Insurance Every Small Business Owner Should Have

Index » News » 5 Types of Insurance Every Small Business Owner Should Have

Workers Compensation Insurance

In almost every US State you must have some workers compensation insurance if you have employees. Workers compensation insurance protects employees who have suffered an injury or disease due to on-the-job related injuries. Their coverage can take the form of medical and rehabilitation costs as well as lost wages for time off.

It is important as a business owner to remember that on-the-job related injuries can affect your business in two ways:

1). You could be sued for damages arising from employment-related accidents or diseases.

2). You could be liable for hospital bills if an employee is injured or has work-related health problems.

As a small business owner, you must make sure that your future is protected from any and every possible scenario, so protecting your business from employee injury claims is a first step every business owner.

General Liability Insurance

If you are a business owner and are serious about protecting your future, you need general liability insurance. General liability insurance protects your business in the event that it is ever sued or legally held responsible from some injury or damage. General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your businesses premises or arising from your operations.

It is important to note as a business owner that when an incident occurs, a claim should soon follow. It is your priority as an owner to immediately notify your insurance company or agent. A few things to note:- Always explain in full detail what has happened including names of witnesses, time and date of accident, location, and/or any other pertinent information the insurance company may need.

Commercial Auto Insurance

Commercial auto insurance is crucial to protecting your business from losses. If you have company-owned vehicles, rent or lease vehicles, or your employees use their own vehicles for business purposes, this can protect you in 3 ways:

1). Liability.

2). Collision and Comprehensive.

3) Uninsured/Underinsured Motorist Protection.

Car accidents are common, tragic, and costly. At times a simple fender-bender can result in thousands of dollars in damage and hospital bills. As a small business owner, it is critical to your businesses future to make sure that you have the proper insurance for your business.

Business Owner’s Liability Insurance

Business owner’s liability insurance or BOP (business owner’s policy) is important for small business owners because it will save them money because of the bundle of services which costs less than the total cost of all the individual coverage’s.

BOP’s often include liability insurance, crime insurance, vehicle coverage, property insurance, and business interruption insurance.

BOP’s are designed specifically for small to medium-sized businesses and is often most appropriate for smaller, main street businesses.

Property Insurance

Property insurance is critical as a business owner if you own your building or have personal property, including computers, office equipment, tools, large inventories, etc.

Property insurance will also protect your business if there is an emergency such as a fire, theft, vandalism, smoke damage, mold, etc.

It is important to talk to your business insurance agent to make sure that your business has all the right coverage plans set up to protect you and your businesses future from any circumstances. Whether it is employee claims from workplace injuries, property damages, or auto accidents, having the right insurance can save you from going out of business.

Dank is a well-known author who writes many articles on Workers Compensation Insurance San Diego. The author understands the workers compensation process and writes many articles to aware the masses for workers compensation California.

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