One of the first things any new small business needs to do is obtain the appropriate insurance for their industry. Emergencies can happen at any time, and without the proper coverage, your business might end up experiencing extreme financial hardship, or worse, having to close.
These are four kinds of insurances you should seriously consider purchasing for your small business:
- General Business insurance: This general umbrella coverage will protect your business with a payout, such as a car accident on the way to visiting a client, or a natural disaster that damages business property or supplies. Every small business owner, regardless of their industry, should buy this comprehensive umbrella coverage.
- Liability insurance: Liability insurance protects your small business by paying legal fees if your business gets sued. Certain professionals, such as doctors and lawyers, are required to get this insurance in most areas. Other small businesses will still find this insurance valuable, particularly sole proprietors and partnerships without personal asset protection. Lawsuits happen unexpectedly in all industries, so it’s important to protect yourself.
- Short and Long-Term Disability insurance: Disability insurance will provide you with payouts should you have a temporary or long-term disability that prevents you from working. If you have employees, it will also provide protection for you and the employee if any of them develop a disability. Many self-employed find themselves in a dire situation when they become disabled without coverage. Give yourself peace of mind with disability protection.
- Health insurance: In the United States, the self-employed professionals must buy their own policy under the Affordable Care Act if they don’t have other coverage. Small businesses with under 50 employees are not required to buy health insurance for employees, but can do so if they choose through the insurance exchange. Buying your employees health insurance often ultimately saves your business money, as employees are less likely to leave the company.
Check out article “3 Questions to ask before choosing a business insurance agent“.
Our reputable, family owned insurance company will build a relationship with you and help you determine what kinds of coverage your Florida small business needs. Contact us for a consultation about your small business needs.
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Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.