What type of insurance should you have for your small business? This is a question that many people ask themselves. Business owners can get caught up in the day-to-day operations of their company and forget about things like insurance coverage. Fortunately, there are plenty of options available to protect your business from unforeseen accidents or disasters. In this blog post, we will discuss what types of insurance you need as a small business owner and how they work!
What is Business Insurance and Why Do I Need It
Business insurance is a type of coverage that can protect your business from accidents, natural disasters, and other unforeseen events. If you are running a small business without any sort of protection – like an umbrella policy or liability coverage – then anything could happen to your company. Without proper insurance in place, the costs for injuries sustained by employees at work, lost equipment, and more could be devastating.
You’ll want to make sure that you are always covered with the right sort of coverage for your company’s needs. Business insurance can protect a business from lawsuits and legal issues, as well as cover disasters like hurricanes or fires (which might otherwise put them out of business).
For example, if a natural disaster such as a wildfire or hurricane has destroyed your business and you don’t have the right insurance in place to cover it then that means bankruptcy. If on the other hand you are insured for this type of event through business property coverage, then all lost inventory can be replaced and recovered costs paid for by an insurer.
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Types of Business Insurance
There are many different business insurance options to choose from so it’s important that you take the time to do your research. Here is a list of what you need: product liability, property coverage, equipment breakdown, general liability, and commercial auto policies.
It may be worth considering an umbrella policy in addition to these coverages as well.
– Product liability insurance is needed for products that you create and sell. It’s important to cover these items in case they cause injury or damage someone else’s property, as well as the cost of defending yourself against a lawsuit. This coverage can be purchased either separately from other business policies or included in a package.
– Property coverage is essential for any business with physical assets, which includes property that you own and leased space in your building or elsewhere. If someone were to damage what was yours, this insurance would cover the loss of profits from being unable to use the area until it’s repaired as well as pay for the repair costs if there was damage.
– Business interruption insurance pays for lost income if you can’t operate because of conditions beyond your control, such as a natural disaster that causes power outages and affects the availability of employees to work or hazardous materials spills which close streets in an area.
How Much Does it Cost to Insure a Small Business
The best way to find out how much you might pay for insurance is by checking with an agent. You can also get a quote online and see what the individual rates are offering your small business protection. By comparing these quotes, you’ll be able to decide on which rate is more affordable for your budget. For some of the smaller operations, you may only need property insurance.
When Should I Get My Policy in Place
If you’re just starting out as a small business owner, it’s important to get coverage in place before your company starts taking on clients. If at any time your work is interrupted because of an outside force or disaster, then you’ll be able to access the funds that were set aside for this purpose.
If you are wondering about small business insurance, don’t worry! Our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. You can also request a quote online and we will take care of the rest while you save money on your premiums with our We Handle All the Work policy!
Robert 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. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.