Insurance Policies That Can Help Improve Your Small Business
If you own a small business, you probably face extra-ordinary competition at all times, which warrants extra-ordinary survival tactics. You may have deployed numerous strategies to gain a competitive edge, but have you found a way to boost your business with insurance?
Considering what you’re up against, there’s no better time to use business insurance to your advantage than now. According to a 2019 SBA report, there are at least 30.7 million small businesses in the U.S. that collectively form 99% of all the businesses in the country.
Thus there is serious competition all around you, which is not necessarily bad if you can find a way to beat it. Here’s how the right insurance policy for boosting business gives you an edge over your competitors.
1. General Liability Insurance Policy for Boosting Business
General liability insurance comes to the rescue in numerous scenarios, including where somebody sues your business for damages or losses. No business wishes to get into trouble with its customers, employees, authorities, and other key stakeholders.
Regardless of your best efforts to stay out of trouble, litigation is almost impossible to avoid. Statistics show that up to 53% of SMBs may be involved in at least one lawsuit in any single year.
General liability insurance covers the claims that parties like customers, guests, or suppliers file against you in court. Instead of your business incurring losses for compensating slip, trip, and fall accident victims, this policy absorbs the expense. Any such savings are beneficial for small business growth and sustainability.
Besides, commercial building owners may not offer you any business space without general liability insurance. They need to be sure that you can cover your own liabilities.
2. Professional Liability Insurance
If you’re a service provider, such as a doctor, accountant, or dentist, you’re aware of the financial damage an act of omission can do. The risk of project delays, not satisfying original product specifications, or causing any unintentional inconvenience is always present. However, a professional liability policy can cushion your small business against loss when a client successfully sues you for any such misfortune.
The policy can also be a powerful small startup booster, and you may need it to get a fighting chance against stiff competition. That’s because most high-end clients won’t give business to a service provider or contractor without professional liability insurance.
3. Workers’ Compensation Policy
Workers’ compensation insurance policy for boosting business is a mandatory requirement in many states. The cover provides the necessary funds to compensate employees that are hurt or killed on the job. It’s actually a market-entry requirement in that, without it, your state may not let you start or operate your business.
Having workers’ compensation insurance boosts your business by protecting it from heavy regulatory fines. Depending on where you operate, you may be fined up to $10,000 for not carrying the policy. Worse still, some states impose steep penalties that include 18-month jail terms.
4. Property Insurance
A property insurance cover is a sure small business booster because it can facilitate recovery from devastating physical and financial damage. You may need it to avoid collapsing after losing mission-critical business assets by fire, burglary, or even stormwater. If you own the damaged building, insurance can take care of repair and restoration costs, protecting your business from hefty losses or closure.
The right insurance policy for boosting business may just be what you need to defeat the stiff competition around you. These are small business insurance policy options that you can deploy to get ahead of everyone else.
Still, you could do much better with a coverage customized to your business needs. If you are concerned about your small business, contact the experts at Club Agency Insurance Brokerage in Garden City, New York, today. We understand the importance of protecting your business and will help you get the coverage you need.