Your company can’t afford to not have small business insurance. Why?<\/p>\n\n\n\n
An insurance policy<\/a> is a contract you sign into that indemnifies you for covered losses. It helps you manage cash flow uncertainty\u2014in the event that an employee gets hurt, or out-of-pocket costs could be extreme. Often, it also helps you stay compliant with legal requirements.<\/p>\n\n\n\n At the end of the day, to operate efficiently, your business needs to invest in a variety of types of insurance. You never know what tomorrow could bring. That insurance coverage protects you, your employees, your investments and finances.<\/p>\n\n\n\n What kind of insurance your company needs depends on your business. But in general, there are a few kinds that truly come in handy in a time of need. Some of them are even required by law.<\/p>\n\n\n\n Let’s take a look at seven of the most common types you need today.<\/p>\n\n\n\n\n\n This type of insurance<\/a> is one that is required for almost every business. It protects your company in a ‘general’ way when things like injury or property damage happen.<\/p>\n\n\n\n If your company is legally responsible for something like this\u2014whether you, your employees, your business in general\u2014business liability insurance helps pay attorney fees, settlements, and the like.<\/p>\n\n\n\n What kind of claims can be filed under this umbrella? Any bodily injury or property damage that is a direct result of your products, services, or operations could be under fire. It’s also helpful in case damage occurs on your landlord’s property.<\/p>\n\n\n\n However, this insurance doesn’t cover things like employee injury, auto accidents, and the like. That’s why you need more than one kind of insurance\u2014as outlined on this website<\/a>. Which brings us to the next form of coverage.<\/p>\n\n\n\n This type of insurance<\/a> is also usually state-mandated.<\/p>\n\n\n\n Workers’ compensation insurance provides benefits to any employee that suffers from a job-related injury or illness. It also protects you in that it assists you in paying legal or medical fees.<\/p>\n\n\n\n This insurance aids your employee regardless of who was at fault\u2014whether that be you, another employee, a customer, a third party. If they suffer from an injury while on the job, it’s likely to be covered by this kind of insurance.<\/p>\n\n\n\n The only real exceptions would be if the illness or injury came from a self-inflicted injury or if the employee was not on the job. It also doesn’t apply if the employee wasn’t following proper company policy. This is why adequate training is also essential.<\/p>\n\n\n\n Unemployment insurance<\/a> provides benefits to eligible workers who become unemployed due to no fault of their own. The reasons for eligibility are state-determined, such as getting laid off for economic reasons.<\/p>\n\n\n\n This doesn’t apply in the case that an employee got fired for misconduct, poor behavior, and the like. But it does help you cover eligible employees. You’ll likely need the financial aid too, especially in cases such as a recession.<\/p>\n\n\n\n Your company, regardless of its location, needs commercial property insurance<\/a>. This is true whether you own your building, are leasing it, or even if you work from home.<\/p>\n\n\n\n This insurance protects your building and its contents, as well as exterior items like signs or fences, in the event of the following:<\/p>\n\n\n\n Major catastrophes like earthquakes or floods are typically not covered upfront unless they get added to the policy.<\/p>\n\n\n\n Since most of these events are unpredictable, it’s necessary to have this kind of small business insurance. It can protect anything inside your building, such as computers, furniture, equipment, and documents, as well as things outside of the property.<\/p>\n\n\n\n Disability insurance<\/a> isn’t required but can be incredibly helpful in the event that an employee wants to file for disability while employed by you.<\/p>\n\n\n\n If an employee is unable to perform their duties and earn money, they may be eligible for a disability payment. What constitutes a disability, and whether an employee qualifies, gets determined by the policy you create with the insurance company. <\/p>\n\n\n\n Say a short-term disability means an employee can’t work for three to six months. This insurance covers a portion of their salary for that period. Long-term disability would cover a part of the salary for anything six months and longer.<\/p>\n\n\n\n To receive disability, the employee must have passed an ‘elimination period’ and still be disabled. If they are recovered by the end of this period, it’s likely they aren’t eligible. To receive payment and receive benefits, it must surpass this period.<\/p>\n\n\n\n Everyone wants to believe they’re an expert in their field. And even if you are, that doesn’t mean that errors don’t happen. That’s where professional liability insurance comes in.<\/p>\n\n\n\n1. General Liability Insurance<\/h2>\n\n\n\n
2. Workers’ Compensation <\/h2>\n\n\n\n
3. Unemployment Insurance<\/h2>\n\n\n\n
4. Commercial Property Insurance<\/h2>\n\n\n\n
5. Disability Insurance<\/h2>\n\n\n\n
6. Professional Liability Insurance<\/h2>\n\n\n\n