Small Business Insurance: What Do You Need?
Small business insurance is one of the ways Rick Callaway Commercial Insurance Team protects employers, employees, properties and business assets for business owners.
As a small business owner, you already have a lot on your plate. You’re not only doing the work to serve your customers, but you’re also ensuring accounting, record-keeping, payroll, and more are taken care of.
It’s easy to overlook things that don’t appear to be an immediate need, including small business insurance. However, if something goes wrong, insurance can help ensure the company doesn’t fail.
What kinds of small business insurance do you need? Let’s take a look.
General Liability
Every business needs coverage for business liability. General liability coverage helps protect your business in case the company is sued for an incident resulting in bodily injury, property damage, libel, slander, or other financial judgments.
General liability coverage also helps pay for the legal defense costs of handling a lawsuit, which can be significant even if the case is without merit. Don’t overlook this essential small business insurance coverage!
Commercial Property Insurance
If the business has a store, factory, or other property or assets, commercial property insurance helps protect it. This coverage helps repair or replace property damaged by a variety of perils, such as fire, wind, hail, theft, or vandalism.
Commercial property insurance prices have been increasing lately, so be sure to find a reliable insurance company that can offer you a great rate. At Rick Callaway Commercial Insurance, we’re proud to go the extra mile to get you the right coverage at an affordable price.
Product or Professional Liability Insurance
If you sell products or provide services to customers, you need additional insurance to cover liability that might arise from those products or services.
Product liability insurance protects your company in case a defective product causes injury or harm to someone, and professional liability insurance protects you in case someone accuses you of errors, malpractice, or negligence.
Remember that your General Liability coverage won’t cover these specific instances, so it’s important to ensure you’re protected with these policies.
Choosing a Business Owner’s Policy
A Business Owner’s Policy (BOP) combines the options above into a bundle that makes sense for your business. For example, if you have a store that sells products, you’d combine General Liability, Product Liability, and Commercial Property coverage into a single BOP.
To make sure you get the right coverage, think about what risks you face. Do you have a physical store or commercial property? Do you sell products or provide services that could be defective?
Keep in mind that these insurance policies also help defend you against claims that are false or baseless. People can file anything with the court, and you have to respond. So even if you know you’d never commit malpractice in your service-based business, it’s still essential to have insurance coverage.
Get Peace of Mind With Small Business Insurance Today
When you have small business insurance that meets your needs, you gain significant peace of mind. You don’t have to worry about what you’d do — or whether your business would survive — in case of fire, theft, a lawsuit, or another incident.
If you’re ready to protect your business, we’re here to help. Contact us for a quote today!