What Type of Insurance Do I Need for My Small Business?

Small businesses must account for many of the same risks and exposures as large commercial enterprises, often while lacking equivalent financial resources. With this in mind, appropriate loss control measures may be even more critical for smaller organizations, as incidents could be financially devastating. Fortunately, an adequate insurance portfolio can help. 

Common Coverages Needed by Small Businesses 
Although exact insurance needs are often unique, many small businesses, regardless of industry, share several common risks and exposures. As such, certain types of insurance may transcend unique circumstances and be essential investments for most organizations. When assembling a small business insurance portfolio, decision-makers should consider acquiring and maintaining the following: 

• General liability insurance—This coverage may provide financial assistance following incidents affecting third parties, such as bodily injuries, property damage and personal and advertising injuries (e.g., false advertising, copyright infringement, slander and libel).
• Commercial property insurance—This type of insurance can help a small business recoup losses involving its own physical assets, such as buildings, electronics, equipment, tools, inventory and furniture. Covered incidents typically include fires, theft, burglary, vandalism and some weather-related perils.
• Workers’ compensation insurance—Legally required in many cases, these policies can help employees who are injured on the job or who develop work-related illnesses recover by providing aid for medical bills, disability benefits and lost wages. Workers’ compensation insurance may also help pay for a small business’s legal expenses if a lawsuit arises.
• Business interruption insurance—This component of a small business’s insurance portfolio may compensate policyholders for ongoing expenses and financial losses resulting from a disruption of normal operations, such as rent, loan payments, employee wages and lost revenue.
• Cyber liability insurance—These policies can insulate small businesses from the financial ramifications of data breaches and other cyber incidents, such as by helping to pay for costs related to investigating the incident, hiring legal assistance and credit monitoring firms, and restoring compromised data and systems.
• Errors and omissions insurance—This type of coverage, also known as professional liability insurance, can provide financial assistance if a small business is accused of providing advice or service that was allegedly incorrect, negligent, late or otherwise inadequate. 

In addition to retaining the aforementioned types of coverage, small businesses may also reap benefits from arranging and providing group health insurance for employees. Doing so can help workers maintain their health and wellness, and improve attraction and retention efforts. 

How to Get Small Business Insurance Online Near Me 
At Svendsen Insurance, we have a history of service dating back to 1946. Our dedicated staff has extensive knowledge and experience procuring optimal coverage solutions, including small business general liability insurance and health insurance. Visit our website today to begin exploring available options or to get a personalized small business insurance quote. 

 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.