At What Point Does Your Small Business Need Insurance?

Owning your own business is a dream come true, but unexpected costs could ruin it and make your accomplishment more of a headache than it should be. You have a tremendous amount of responsibility, and it’s essential to protect yourself, your business, employees, and your vehicles. Here’s the best part: business insurance protects you against financial loss and the unknown. 

Managing a business without protection is risky, especially if you have employees. You want to have coverage in place right away, like workers’ compensation insurance in case an employee gets injured on the job. 

Liability insurance can save you from legal expenses, including court costs, attorney fees, settlements, or judgments. Bottom line, insurance will help pay for the unexpected, so you don’t pay out-of-pocket.

Whether you are a new or a seasoned business owner, investing in business insurance will also protect against potential risks, including fire, theft, injury, and vandalism. If you are managing your business without coverage, you may not have the means to cover the costs if something goes wrong, and you might have to close your doors. Your business is your passion, your dream; you don’t want this to happen to you, right? You have enough worries. Having insurance gives you peace of mind in knowing that you are protecting your dream.

Shopping for business insurance takes time, research, planning, and deciding on what is best for your business. Alex Rue is here to help you determine which coverage is sufficient and guide you through the process. We will help with all of this and do the busy work for you to alleviate the stress in knowing we have your back.

Every business has its own unique needs and requirements. And it could be confusing and overwhelming on the specific coverage you need. That’s what we are here for, to help you decipher what coverage is essential for your business needs. 

Running a business is not easy; your day to day is unpredictable at times. We are here to help you so you can focus on your business. Here’s what you need to know about insurance coverage.

Different Types of Coverage

General Liability

Also called business liability insurance or commercial liability insurance, general liability provides coverage for your business against claims of bodily injury and damage to property of others.

Commercial Property

This protects your property and covers unexpected incidents including fire, weather-related damage, theft, and vandalism. It also protects supplies, devices, office equipment, and documents. Keep in mind that business liability insurance doesn’t cover earthquakes or flooding.

Data Breach Protection

Safeguard your reputation. Protect your financial assets and your customer’s information. Data breach insurance covers the cost of responding and managing chaos quickly. It will protect against identity theft, legal fees by a cyber attack.

Workers’ Compensation

At the end of the day, you are responsible for your employees, and if they get hurt, it’s essential to have insurance to cover the costs for hospital bills, illness and pays for medical expenses, most states require it. 

Professional Liability Insurance

No one is perfect, and professional liability insurance protects you against mistakes. As a business owner, you may provide service that your customer is not satisfied with or you make a mistake while delivering the service. This type of insurance covers the costs and fees if they make a claim or if they sue you.

Commercial Auto Insurance

If you or your employees are in an accident, commercial auto insurance helps cover the costs with damage and medical expenses.

BOP (Business Owner Policy)

A business owner’s policy covers property and liability risks in a bundle, helps cover your business from claims from disasters including fire, weather, and bodily injury and property damage. This plan can be customized to fit your needs with added coverage: data breach, business income, and specialized income.

One thing to note: before we decide on what coverage is best, It depends on the location, type of business, and risks associated with the company. 

Not sure which policy to choose? We are here to help you find the best plan for your business. Contact us to learn more about how to protect your business and your employees today!

Alex Rue