All small businesses need security—protecting the business against lawsuits is otherwise going to be very costly.
Instead of getting stuck in a situation where you are unable to pay for the damage that has been done, take the necessary precautions.
There are several kinds of insurance coverage that are valuable for small businesses. Apart from outlining the kind of coverage they provide, we also tell you why it is needed.
General Liability Insurance
This covers all kinds of damage to property as well as any injuries to individuals. This is essential because when carrying out the functions of a business, accidents are likely to occur.
Your small business needs insurance in order to avoid the costs of replacing expensive equipment that was damaged or paying the medical costs of someone who got injured on site.
If you’ve rented a space for your business, your landlord might also require you to get insurance so that their property is protected. Keep this in mind.
Business owners’ policy
This type of insurance covers all forms of damage to the owner’s property, and all equipment used by a business. This also includes all the coverage of general liability. You can choose this policy instead—it will cover all properties owned and in use by the business.
Errors & Omissions Insurance
In case the business fails to perform its services in a professional and efficient manner, this provides security against potential lawsuits the business might face.
This is necessary for certain businesses such as those providing consultations of any kind. You need to however make sure that the insurance policy also includes the appointment of an attorney to represent your business.
Is the policy right for your business?
Choose the policy that is most suitable for your business; explore the coverage it provides as well as the cost of damage it covers. If the policy is not specific to the needs of your business, you might face problems ahead.
The type of business you own is related to the kind of insurance policy you will require. A business consultants company, for example, would require an errors and omissions insurance policy. In case a business loses income, there is an attorney present to defend the company against the client’s claim.
Is it affordable?
There are a number of challenges faced by owners of a small business, especially because they are new to the industry.
In order to protect their investment and all the hard work they put in, insurance is the necessary step that needs to be taken. Once this step is taken, the owner can then divert his attention to the operations of the business without worrying about the risks.
Affordability is a great concern. Businesses try to earn maximum profit. Online quotations help provide this affordability. They allow you to explore options you have, and choose the one that is in your budget and covers all kinds of risks.
Wondering how much it costs to get your small business insured? Well, you’ve come to the right place!
365insurance will provide you with online quotations. Choose from the affordable insurance policies available to you. Calculate the exact costs of getting your small business insured, and select the policy that fits just right!