There’s nothing like the peace of mind knowing you and your business are protected
Looking to become your own boss? While starting a new business is an exciting time full of possibility, it’s also a time that does not come without risks. It’s important to protect yourself as a business owner as well as any of your assets if there are problems.
Businesses that are incorporated have more protection than sole proprietorships and partnerships, but regardless of the business structure, it’s possible that you could be held liable for all or a portion of business-related accidents and incidents.
For a small business of any size, business insurance is a must. Below we’ve outlined several types of small business insurance that all business owners should research to determine which types as well as how much they may need.
5 Types of Small Business Insurance to Consider
1. General Liability: This type of insurance covers any claims related to physical damage or injuries to others property as well as protection from slander and libel.
2. Business Property Insurance: If you are renting any type of office space, you’ll want to check with the landlord to see what type of business insurance is required according to your lease. You’ll likely need to purchase business property insurance, which covers your office contents and usually the structure of your building depending on whether you’re the property owner or just renting the space.
3. Professional Liability: This type of insurance is also often referred to as called Errors and Omissions Insurance. It protects business owners from financial loss that could be associated with negligence in providing their services.
4. Workers’ Compensation: If you have employees, depending on your state laws, workers’ compensation insurance may be required. Depending on the type of work you perform you may also have to carry workers compensation insurance to bid on various contracts. Workers’ compensation insurance can get quite complicated so it’s best to speak with a licensed insurance agent to discuss your unique needs.
5. Auto Insurance: If you use your car for business activities, you need to make sure that your personal auto policy covers this type of work. If not, you’ll need to purchase a business auto policy. Also, if you have vehicles registered in your business’s name, they’ll need to be insured as well.
Still have questions related to business insurance?
We hope this article has given you a sense of the importance of business insurance as well as the different types that are available to you. The reality is that the smaller your business, the more likely you’ll need insurance. Think about how devastating a major accident or lawsuit could be to the future of you, your family and your business. For more information about the different types of insurance that Avante Insurance can offer, give us a call today at 305-648-7070 or request a quote now.