Business Insurance – Basics And Protections That Your Small Business Needs

You work so hard to run your business, spend countless hours building, growing and nurturing your business. Give your business the protection it deserves.

Having the right insurance gives you the peace of mind to focus on what matters – running and growing your business. Every business is different and needs the right coverage so you can run your business efficiently. An online consumer business that handles customer’s data online should purchase cyber liability coverage whereas an accountant needs to be covered against calculation errors.

Some of the most common types of business insurance coverage that small businesses need are:

  • Workers’ compensation: Any business that has employees, needs workers’ compensation insurance to cover medical expenses and lost wages in the event any illnesses or injuries occurs at the workplace. Every state has different laws but in some states it is required by law to have a workers’ compensation insurance.
  • Property insurance: Property insurance is a type of business insurance that covers your buildings, equipment, inventory and other business assets. This type of insurance is especially required for businesses that are into retail or manufacturing businesses.
  • Liability insurance: Liability insurance protects your business in the event a customer is injured on your property or if a customer is impacted by your product or services where it may cause a financial loss etc… One of the types of professional liability insurance is malpractice insurance, which is mostly used by medical professionals, but can be used by other professionals to help provide legal defense. Almost all businesses need liability insurance if business provides services to the public.
  • Commercial auto: Commercial auto insurance is required when your employees drive company-owned or personally owned vehicles for the purpose of business. Without this type of insurance, your business may be exposed to a high risk. Your personal auto insurance may not cover your auto for any incident and can reject a claim because your vehicle was being used for work purposes.
  • Business interruption: Business interruption insurance allows you to ensure the continuity of your business when unforeseen outside factors impacts your business operations in a negative way and may cause interruption.For example: If an incident forces you to pause or stop your business operation and you are unable to operate it. In that case with a covered property loss coverage your business interruption insurance will cover any loss of income that you experience due to this downtime event.
  • Disability insurance: Unforeseen situations like a disabling injury or illness to your employees could adversely impact your business. Good thing is, business owners have access to several options like business overhead expense insurance, key person insurance and bank loan disability insurance. In the event, an injury like incident impacts your business, such insurance options offer you protection for your business and interests and more importantly peace of mind that you or your business are protected.
  • Health: In order to run your business, you need top talent and efficient resources, which means you also may need to provide your employees health insurance in order to attract top talent. Many states require all businesses to provide health insurance to their employees.
  • Errors and omissions insurance: This insurance is a type of liability insurance needed to protect a service oriented businesses. We all live in a complex world where any global event can impact your business. If your business provides service to a customer for example : any kind of advise or a service, which may adversely affect a customer, this insurance covers to reimburse the client for any mistakes you’ve made. Your business needs this so you can confidently give clients more reasons to work with you and they can be at peace to know they are covered in the event of an errors you might make.
  • Life: Life insurance helps you protect your loved ones by providing them with money in the event if you meet an untimely death. This helps you secure interests of your loved ones and make sure they have access to money that they may need. Additionally, many institutions or lenders require you to have life insurance policy before processing a business loan for you. This helps you protect your family from a loss of income in the event of your death.
  • Key person insurance: This type of business insurance is taken for certain important individuals in the company who are key to business operations. This is a type of life insurance where your business is the beneficiary and is related to key people in your business where their unavailability may severely impact your business operations. If that person dies, then the company receives the benefit to help keep the company afloat.

Don’t leave your business unprotected. It’s fast, easy, convenient — and free.

Save on your business insurance now! Find out how you can secure your business and get cheap business insurance by requesting a free quote at MyMoneyMyQuotes.com

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