The right small business insurance for your business greatly depends on exactly what kind of company you own and your particular financial risks. But the majority of small companies need to carry general liability insurance, which covers you in the event that a customer becomes injured in your location of operation. This is a standard policy that will not break the bank and is an important part of protecting your assets from potential lawsuits. Visit here for more information about Small Business Insurance Quotes.
But the truth is that not every business owner needs to carry this kind of coverage. If your company is not exposed to that many risks, or if you are constantly changing hands, then it might make more sense to avoid buying this type of protection. You can, however, still benefit from having it. Small business insurance policies will help protect your assets as well as help you meet expenses and payroll responsibilities. Here’s a closer look at some of these policies and how they can benefit you:
General Liability: This is one of the most commonly purchased types of insurance. It covers a wide variety of different liabilities, including accidents and theft, which mean that it can help protect you in situations where you could be sued. Some of the different coverages available include:
Workmen’s Compensation: This is a specific policy that will protect your employees when you have workers’ compensation. Many times when employees are injured on the job, their compensation will also cover them in the event of property damage or medical bills. Some policies will also cover injuries that occur while traveling off site. Workmen’s compensation policies will vary depending on your state and the laws governing it.
Property Damage Liability: Some insurance companies offer general liability coverage limits, but others don’t. What this will do is provide protection in situations where the property of your company is damaged by an act attributed to your business owner’s policy. Some examples would be property vandalism or theft. It will also cover damages that are sustained by customers or third parties. Depending on the value of the product you sell, you may be required to obtain tenants liability coverage as well.
Employees Compensation: Similar to property damage and tenants liability, employee’s compensation will also cover injuries incurred by your employees during the course of their employment. Some of the most common injury types are slip and falls, head injuries, repetitive motion injury, work-related cancers and more. Typically, it is required that employees pay for any injuries they sustain within the scope of their employment. If your company has employees, it is critical that you have a Workers Compensation Insurance Policy in place. This is why it’s important to talk with your insurance agent to ensure that you have the right type of benefits in place to cover your employees in the event of an accident.