A Guide to Help You Find the Right Insurance Policy for Your Small Business

A Guide to Help You Find the Right Insurance Policy for Your Small Business

A Guide to Help You Find the Right Insurance Policy for Your Small Business

Thousands of small businesses open up every year. Finding success can be difficult at times, and business owners have to be patient. It’s also important to plan for the unexpected. One accident can cause you to lose everything. Here is a guide to help you find the right small business insurance policy and protect your investment.

It’s an interesting time to open a small business. While there are a lot of opportunities, the ongoing coronavirus pandemic has severely limited things. If you plan to open a brand-new business or attempt to restart things, having the right small business insurance policy is more important than ever before.

Why Is Business Insurance an Asset?

Business insurance helps protect your assets, property, and future income. There are multiple parts to business insurance policies, including liability coverage, business property coverage, and workers’ compensation. You can customize your policy based on the type of coverage that your business needs.

  • General Liability Coverage

General liability coverage protects your business against allegations of property damage or bodily injury. Your customer can file a claim if they believe that using your products made them sick. Perhaps one of your patrons sprains their ankle due to a slip and fall incident on your property. General liability coverage also protects you if you cause damage to someone else’s property. This policy takes care of your legal fees associated with the claims, along with any financial judgments against you based on the claims. Remember that there is no coverage for any professional mistakes or intentional acts of damage.

  • Product Liability Coverage

Even if your product causes accidental damage to someone’s property, you are still at risk of being sued. Product liability insurance takes care of your legal fees as you defend your business against the charges. Product liability coverage also takes care of any medical bills and compensatory damages.

  • Workers’ Compensation

Your employees are the backbone of your business. You can protect your business and support them by having a workers’ compensation policy in place. Workers’ compensation kicks in if your worker sustains an injury while at work. It covers the medical bills related to your employee’s injuries. Your employees will also receive their lost wages while they recover from the injuries. A good workers’ compensation policy can help you attract top talent in the market.

  • Property Insurance

Commercial property covers the physical components of your business. In the building where you operate, all of your furniture, equipment, business inventory, fences, and landscaping will be protected if damaged, vandalized, or stolen. Property coverage also protects your business if severe weather affects the area where you operate or an accidental fire breaks out in your premises. If your business suffers a loss, the insurance will cover you if you choose to repair, rebuild, or replace the property. Keep in mind that you’ll need to purchase extra coverage to protect your business if it suffers flood or earthquake damage.

  • Professional Liability Coverage

Professional liability coverage protects your business if a client alleges that you made a significant mistake or were negligent in your operations. If you are the owner of a law firm or work in the consulting industry, professional liability insurance is essential.

Business Insurance Costs

The cost of a business insurance policy varies depending on the industry you work in, the size of your business, the amount of coverage you need, and your deductible. You have the option to bundle a few policies to save money. You may even qualify for a bundle alongside your home or auto insurance. You may be able to find a discount based on the level of risk in your industry.

Finding the Right Business Insurance Policy

Assess your risks. If you work in an industry with a high likelihood of a disaster occurring, you should look for a policy that covers you in any situation. Speak with a high-level agent who is capable of helping you find the exact coverage you need to protect your business. Shop around before making a decision. You should compare at least three policies before choosing the best fit. Reassess your coverage options every year. As your business continues to evolve, your insurance needs will as well. If you would like to make a change to your policy, notify your agent immediately.

Owning a small business and watching it grow is exciting. However, you have to make sure that you have a policy in place to protect your business if a disaster occurs. Our experts here at Club Agency Insurance Brokerage will help you find the right policy for your business. To get started, contact us today!


COVID-19 Update:

At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time. Contact us today!Executive Order for Policyholder Payments