Your company and others like it is the anchor of this country. Almost everyone assumes that large companies generate most of the income that America produces, although they simply do not understand in total that small companies hire far more people and produce even more income compared to those large companies. When starting your own business, there are many elements that you will want to consider within your business strategy plan. An insurance policy mitigates your risk, small business insurance is one of the most important factors in your strategic business plan. When looking for business insurance packages, there are many types of insurance you will want to purchase and now we can look at the different insurance policies. While we will discuss insurance coverages that are based on many types of businesses, you may want to speak with an experienced insurance agent regarding your business requirements.

General commercial responsibility

This is the first protection you will want to consider because it is on the list of necessary insurance policies that it is possible to purchase. The following insurance policy coverage that defends your business for both bodily injury and property damage. This means that this protects your company from accidents that are your fault, and insures your company in situations where an individual or property is broken and / or injured. All commercial companies will need to have this particular coverage because it will handle many types of claim cases. This particular policy defends your business from libel and slander, as well as slip and fall incidents. This type of coverage insures you for various claim circumstances, it does not cover all of them. The types of insurance that are not covered by your standard liability policy are; Liability for liquor, assault and battery, commercial property, workers’ compensation, professional liability or commercial automobile. The coverage limits for this type of insurance policy reach a certain limit, and for a higher limit, you will need an excess insurance policy. A blanket policy can also cover your auto liability, as well as your workers’ compensation coverage, increasing those liability limits. When deciding how much liability insurance you should consider how much you have to lose.

Small Business Property Insurance

You now have policy coverage that can protect you for both the building you own and the property within it. Generally, the following coverage plan covers the building and / or contents for many types of incidents, such as fire. This coverage does not insure property that leaves the premises, so you would need Inland Marine insurance. An Inland Marine policy can cover everything from small equipment to large construction tools or all kinds of other types of property that would be removed from commercial facilities.

Small Business Auto Insurance

This coverage is auto insurance for your company’s cars. Typically, a small business requires higher limits on auto insurance coverage compared to its own personal auto policy. Your small business auto policy would have increased liability coverage limits, but insurance coverage is relative. Typically, you are looking for liability insurance coverage along with the following; Medical payments, uninsured motorist coverage, comprehensive coverage, collision, towing and rental. If you ever rent a car or have a staff member who drives his or her own personal car to run an errand, you should have Rented Vehicle Liability and Not Your Own. As long as your LLC or Corporation owns the vehicle, you need to make sure the cars are insured with a commercial auto insurance policy.

Workers compensation

This particular insurance coverage, also known as employer’s liability, would be the coverage that protects employees and can pay claims in which any employee has been injured on the job. Again, another critical coverage considering that medical treatment is incredibly expensive. Without having insurance, you insure yourself and will be responsible for almost any health care or lawsuit expense. This coverage does not cover claims for discrimination or sexual harassment for which you would need work practices liability insurance.

Insurance is an important part of any organization. Protects your business against various types of claims. It is important that you understand what you are getting, in what area this insurance will cover you, and what is not insured within an insurance policy. Make sure you always understand their policy. Insurance is generally complicated knowing that this is why you really need to buy from an insurance broker who is experienced in small business insurance. Having provided insurance to business owners like you for over 35 years, we have the experience to help you with all of your small business insurance needs. Contact us for an insurance quote. We write insurance in multiple states and can easily help you get the insurance coverage you may need.

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