After struggling for years with an incredibly expensive insurance plan, I realized that there had to be something that I could do to make things right. I started shopping around for a business that could help me to make things right, and I was able to find an insurance policy that fit well with my budget and my lifestyle. The premiums were low and the coverage was great, which is almost unheard of these days. This blog is all about choosing incredible insurance coverage for you and your family, so that you can enjoy a happier, healthier life. Check out this blog for more information.
Insurance is important for individuals and families, but it is also important for your business. While surprising to learn, even the smallest of businesses requires insurance coverage that not only protects you as the owner, but also your finances and the actual business establishment. Here are a few insurance policies your small business needs:
Property Insurance
In most cases, you run your business out of a specific location. This location may be a commercial space you own or lease or even a building or office on your own personal property. Unfortunately, things do happen and your business establishment may be affected by storms, floods, fire, and even theft.
Property insurance is key because it will not only cover repairs and losses that have occurred because of storms or theft, but it also covers items lost because of these storms and theft.
For instance, if a tree falls on your business' roof, you will need the funds to pay for the roof repair. However, you will also need the insurance company to pay for products and supplies that were damaged because the roof was damaged and most likely leaked.
It is important to note that some types of damage are not covered unless you add specialized coverage. Your policy may not cover flood damage unless you have the additional coverage.
Worker's Compensation Insurance
As a small business owner, you may not think you have enough employees to reconcile the cost for worker's comp insurance. Unfortunately, accidents and injuries do happen, so you need to have this protection no matter the cost.
Without having worker's compensation insurance, you may need to pay out of your own pocket or out of the business's profits for medical expenses if your employee is injured while on the job. This can be financially devastating for small business owners.
While an expense, worker's compensation insurance is an imperative investment for your business.
Vehicle Insurance
Another area to focus on when deciding what type of insurance your business needs is your vehicles. If you use your vehicle to make deliveries, for example, or visit homes and building sites, insurance is essential for protecting your business in case of an accident.
The minimum amount of vehicle insurance you will need depends on your specific state requirements. However, as a business owner you may want to consider higher amounts of coverage to protect your business, your vehicles, and your employees who will be operating the vehicles.
For more information about business insurance, contact companies like Welsh Insurance Agency Inc.
Share17 October 2019
