What Types of Insurance Do You Need For a Small Business

Insurance protects every aspect of your life, from your health to your property to your vehicle. Running a small business provides no exception.

In our experience, many new small business owners do not understand which kinds of insurance will best protect their business.

In the course of running a small business, invariably disputes will arise. Accidents will happen. The right kind of insurance will give your business the protection it requires to continue operating.

Without insurance, one mistake or accident could undo years of hard work. Make sure that you have the protection and coverage that you need to survive an insurance claim against your business, employees, or yourself.

We recommend that you explore the following kinds of protection for your business.

General Liability

When a customer injures him or herself on your property, regardless of fault, a court may hold you liable. General liability insurance will help your business cover the cost of the claim. Businesses are often the targets of false claims of this sort. It is essential that you have coverage to protect against both genuine and fraudulent claims against your company.

General liability also ensures that you are protected if your business damages the property of others or injures someone during operations.

The medical costs from a single injury can be more than many small businesses can bear, making general liability business insurance vital.

Professional Liability

While general liability covers problems that arise because of accidents, professional liability covers claims against products or services provided by your business. Claims may arise when the client or customer accuses your business of failing to perform a service or provide a product as promised.

This insurance covers mistakes or problems caused by either owners or staff. It also is referred to as errors and omission insurance

Property Insurance

If your business owns or leases space, you should obtain property coverage. This will pay for repair or replacement of a structure or other property in case of fire, theft, or damage from a storm. In some cases, property insurance can also cover water damage in case of ruptured pipes.

Property insurance, however, does not usually cover in the case of natural disaster. Floods, tornadoes, earthquakes, or property destruction by similar means will require different kinds of coverage based on your area.

Feel free to reach out to us to see if you live in an area prone to damage from natural disasters. We can offer you the right kinds of policies to ensure proper coverage if you do.

Workman’s Compensation Insurance

When businesses employ workers, this form of coverage is non negotiable. This form of insurance covers a situation where employees get injured or sick from a job-related incident. When this happens, the insurance covers expenses and supplemental income. If the employee dies on the job, then his or her heirs get to receive the money.

Business Income Insurance

This insurance works well in tandem with other types. If an incident or event covered by insurance results in the temporary shutting down of your business, this insurance can step in to cover part or all of your normal business revenues for the period of time in which your business is shut down.

Many insurance companies will offer types of small business insurance packages that bundle together the types of policies that small businesses most often need. In our experience, bundling policies together often helps to bring down the cost over what the policies would generally cost separately.

Reach Out Today

Learn more about how villaNOVA can work with you to provide the right coverage to protect your business. Our friendly and knowledgeable staff can answer questions about what coverage you may need. They can also help you to set up an appointment to get a policy from us.

Call today to learn more.