Insurance Needs for Small Businesses

Insurance isn’t only important for your home and auto. If you are a small business owner you need proper insurance coverage in order to be successful for the long haul. Even the smallest of risks could potentially turn into major financial pain and hardship if not properly insured. Small businesses like contractors, photographers, daycares and small retail shops all have different exposures and have a lot to protect, the right coverage can be important to your success.

You understand that you need insurance, but you really aren’t sure what you all need covered? A brief overview of the ins and outs of coverage’s can go a long way in helping you make those important decisions:

Property Insurance-This covers the physical building along with inventory, signage and business property in the event of a fire, storm or theft.

Liability Insurance-This protects you and your business from another person’s claims of injury and medical costs. Example: A client walking out of your office trips and falls over a chair and files a claim against your company.

Business Vehicle Insurance-This is designed for vehicles used for business purposes. Example: If you are using your personal auto for deliveries and get in an accident, there may not be proper coverage.

Workers Compensation: Purchased by an employer to pay for medical expenses, lost wages, and/or death benefits for employees who were injured in the course of work. If you have any payroll you are required to provide workers compensation to your employees.

Cyber Liability-Most businesses in today’s world deal with technology and are at risk of a cyber attack. If your business handles any sensitive data, credit card info or client lists you could be at risk. In the event of a cyber attack, this insurance covers expenses such as credit monitoring, lost revenue, customer notification & investigation.

Commercial Umbrella-Similar to your personal umbrella, it extends the liability limits of your policy.

These are just a few examples of coverages that all small businesses should consider. At Ansay & Associates an independent insurance agent is able to shop several markets and help you select the best policy for your needs.

Please contact your local Ansay & Associate agent to learn more about small business insurance.

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