Running a small business can be overwhelming, and things like finding the right business insurance in Columbiana can sometimes be pushed to the side. But it’s important to remember that without the necessary coverage, everything you’ve worked for can be lost in the blink of an eye, with one large claim you can’t recover from.
There are so many things that business insurance protects you from. We’ve made it easy and quick for you by outlining the 6 types of coverage you need as a small business owner to protect yourself, your business, your employees, and your customers.
1. Property Insurance: Commercial Property Insurance is imperative to your small business, whether you own the building where your business is located or not. If you own the building, you may have to ensure the property to its replacement cost. Whether you own the property or not, you will need to ensure everything inside the property, from computers to phones to conference tables and even your desk!
2. General Liability Insurance: General Liability Insurance provides protection if you, your employees, your product, or your services are considered negligent and cause bodily injury or property damage. It protects your business against claims that occur while customers are on your premises or while your employees are working on the property of your clients.
3. Loss of Business Income Insurance: This will cover your net profit if you go out of business for a period of time. For example, if your business runs from a brick and mortar location and a fire puts you out of commission for three months, this policy will cover the net profit you would have made in those three months. It will give you the peace of mind necessary to recover!
4. Workers’ Compensation Insurance: Workers’ Compensation insurance provides wage replacement and medical benefits to employees injured in the course of employment. It also relinquishes the employee’s right to sue his or her employer for the negligence. By accepting workers’ compensation benefits, the employee gives up this right.
Small business employers can help control Workers’ Compensation costs by putting in place a formal safety plan aimed at preventing claims from occurring and minimizing the loss when they do.
5. Cyber Liability Insurance: A data breach to your small business can be devastating. If your business stores private information about employees or clients, it is your responsibility to protect that information. Moreover, if a data breach occurs, you are obligated to notify all of your employees and customers, which can be an overwhelming and expensive task. Cyber liability insurance will cover the expenses incurred in doing so.
You hear a lot in the news about “data breaches” at huge companies, but small businesses face just as big a threat of data breach.
6. Commercial Umbrella Policy: A Commercial Umbrella Policy extends the coverage of all of your policies. Think of it as an actual umbrella protecting you from the rain. An umbrella policy will provide additional liability limits over and above those provided by your other policies in the event of a larger claim. You don’t want to find yourself in a situation where your General Liability Insurance isn’t enough coverage and you’re paying hundreds of thousands of dollars to make up for that mistake.
At Sanor Insurance, we will work with you to ensure that the needs of your unique small business insurance in Columbiana are covered. Allow us to be your trusted advisor – we’ll help you design insurance coverage that will meet the specific needs of your business.