Insurance Policies for small business
When starting a small business, it is very important that you get insurance policy to cover your business. There are so many insurance brokers and small business insurance companies that offer small business insurance policies for you to choose from. Running a small business without a cover put all your assets at risk at any time uncertainty like fire Occurs. As you know these uncertainty are unpredictable and can lead to your business closure
You need to consult your attorney, accountant and insurance agent during the start up process of your business; they will give you relevant advice and information about process that you need to follow to fulfill requirements for your smooth business operation. To save expenses you might need one consultant that will handle all your insurance needs
Am going to discuss some of the foreseeable risks that you need to protect by insurance
business property insurance
With small business property insurance, you will be covering buildings, if the building belongs to you, but where you lease the building your landlord should provide this coverage, under business property coverage assets like tables, desks, chairs, and equipment will be covered. Other small business property insurance will include Earthquakes, loss of income that might result from natural breakdown and hazards, flood and even fire.
The General liability policy will provide coverage to the third parties in the event that the following occurs
- Fire outbreak, or fire legal liability- this is a must if you leased out your premise
- Personal injury
- Advertising injury
- Medical expenses to cover your medical payment
- General liability for the premises
Employee’s compensation Insurance
This is mandatory if you have workers working for you, Worker’s compensation insurer may provide additional coverage such as risk management, and loss control services that are of great benefit to your business
Excess liability coverage
Excess liability coverage are available over and above the maximum limit your carrier may write, they can be added at an extra cost or can be purchased as commercial umbrella
Employment Practice liability policy
These are coverage to the employees to help in the event of wrongful termination or sexual harassments lawsuits
Auto insurance is done to cover company vehicles; vehicles can be damaged when involved in road accident hence you need to protect your vehicle and the passengers onboard, for more information on auto insurance check on the auto insurance policy
Health insurance - Will help employees seek medication attention whenever they are sick, the other insurance policy you need to consider is Life Insurance, in the event that your business partner dies he or she will be covered by this.
Those are some of the coverage that you will get for small business, make sure that you get more information from your insurance agent available near you or some of this information can be obtain online from these companies
Remember that the above small business covers have got different insurance quotes, make sure you get the right quote for your business
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