Answering Common Questions About Small Business Insurance
Establishing a small business can be both exciting and nerve-wracking. You need to consider just about everything, and, of course, that includes your future liability. You want to be sure that you’re protected, and that’s what small business insurance can do for you. We understand that insurance can be confusing and sometimes even overwhelming.
In this post, we’ve compiled some of the most frequently asked questions when it comes to small business insurance.
What Is Business Insurance?
Business insurance is a system or plan that protects you, your business, and any of your assets. It doesn’t matter if you are a sole proprietor or own a small business with multiple employees—you want to be sure that you and your business are protected.
What Type of Business Insurance Do I Need?
If your business is large or small, you should have at least a base policy. These policies typically include public liability, workers’ compensation, property insurance, and employer’s liability insurance.
Besides those, additional policies can be added on. For example, you may want to consider property insurance, equipment breakdown insurance, and additional liability insurance.
What Is Public Liability Insurance?
Public liability insurance covers any damage or injuries you or your business causes to another person. Typically, this will cover you in the event that someone gets injured at your workplace or if someone gets hurt as a result of your business. In addition, any property damage that you or your business causes is usually covered.
What Is Workers’ Compensation Insurance?
Workers’ compensation insurance protects you or your employees if they’re injured on the job. This can be crucial if you own a small business with employees. This can cover death, disability, and compensation for that employee. It may even cover medical costs and rehabilitation as well as funeral costs.
What Is Property Insurance?
Property insurance covers your business in the event that there is damage to the property. This typically includes minimally damaged and damaged property. In addition, it also covers damage due to fire, flood, or any other disaster or accident.
What Is Equipment Breakdown Insurance?
Equipment breakdown insurance helps you cover the cost of replacing broken or stolen equipment. This can cover printers, computers, phones, and other necessary equipment as well as software, materials, and supplies.
What Is Additional Liability Insurance?
Additional liability insurance covers potential liability over and above your base policy. It can also be referred to as excess liability insurance. It typically covers additional costs in the event that you or your employees cause an injury, a fatality, or property damage above the normal limits. It’s important to note that it doesn’t cover any damage already covered in your base policy.
What Is General Liability Insurance?
General liability insurance is also known as commercial general liability insurance. This covers damage that you, your employees, and your business cause to others. This may include property damage, personal injury, and even advertising injury.
What Is Commercial Auto Insurance?
Commercial auto insurance covers your employees or other people driving on your behalf. This covers injury and death liability. In addition, it also usually covers comprehensive and collision insurance.
Do You Need Insurance for Your Small Business?
There are so many reasons why you need insurance for your small business. From protecting you from liability to protecting your business from damage, having insurance is a great decision. The good news is that you don’t have to go it alone.
We hope this post has helped you further understand the importance and value of small business insurance. As you can see, having insurance can help protect you, your employees, and your assets.
If you are looking for an insurance agency in Taber, choose Saunders Insurance. We have licensed professionals who can provide you with sound insurance solutions. Get a quote now.