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What To Know About Your Small Business
You’ve invested a lot of time, energy and effort into your small business. If you’ve asked yourself, “Do I need insurance for my small business?” The answer is yes. A seguro para pequeñas empresas policy can help with protecting your assets and company. Without this coverage, small businesses may have to pay to repair or replace damaged or destroyed property on their own. This can put your small business’ finances at risk.
Let’s say a fire breaks out in the building you’re renting, causing severe property damage. A commercial property insurance policy could help cover your repair or replacement costs. But without it, you’ll have to pay those costs out of pocket.
Every small business is different and faces unique risks. This means there isn’t a one-size-fits-all approach for finding the right small business insurance. Un sole proprietorship’s insurance coverage may be different than the coverage an LLC needs. As you research your options, you should have certain business details ahead of time to help you get the best small business insurance, including your:
- Business type
- Number of employees
- Business’ organizational chart
- Gross annual sales
5 Types of Insurance You Need for Your Small Business
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- Commercial property insurance, which helps if your business property gets damaged from a covered incident, like a fire. This policy can help cover your business’ physical location and equipment, whether you own or lease it. In most areas, this coverage is not required by law.
- General liability insurance helps cover your business from property damage liability and bodily injury liability. For example, if a customer falls and gets hurt in your store, it can help pay their medical bills. This type of coverage isn’t typically required by law, but it’s still important to have. Without it, you’ll have to pay for liability claims out of pocket.
- Commercial auto insurance helps cover damages to your car if you or your employees get in an accident while driving for business. This policy includes similar coverage to a personal car policy, such as collision and comprehensive coverage and personal injury protection (PIP). Collision and comprehensive coverage can help pay the costs to repair or replace damaged parts. PIP helps pay medical costs if you or your passengers get injured. This coverage is required if your business has employees drive for work-related reasons.
- Professional liability insurance, o errors and omissions insurance, helps protect your business from claims of mistakes in your professional services. In most cases, this liability coverage isn’t required by law. However, it’s important for covering any mistakes you or your employees make on the job.
- Workers’ compensation insurance helps provide important benefits to employees with a work-related injury or illness. This coverage helps pay for their medical treatment. Workers’ comp laws vary by state. You’ll want to check your state’s laws to make sure you’re following them correctly. If you don’t have the coverage in a state that requires it, you’ll have to pay a fine.
You can also buy a Póliza para propietarios de empresas (BOP), which combines commercial property, general liability and business income insurance into one policy. This means you can make one convenient payment for all three coverages and save money.
Add-On Small Business Insurance Coverages
We make it easy to add more coverage to increase your small business’ protection. For example, adding data breach coverage can help cover your expenses to respond to a data breach.
You may also want to add business income insurance, also known as business interruption insurance. This helps replace lost income if your business is unable to operate due to covered property damage.
Every state has its own regulations on the insurance coverages that small business owners need to carry. For instance, most states require small businesses with employees to carry workers’ compensation. That’s because if your employees get hurt or sick from their job, their health insurance policy may not cover it.
Get an Insurance Quote Today From The Hartford
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We’ll work with you to understand your business’ needs so you can have peace of mind knowing we’ve got your back.
To learn more, get a quote today.
Get a Free Online Quote for Small Business Insurance
Whether you’re in the retail, construction or financial services industry, most small business owners need small business insurance. Having it can help protect the livelihood you’ve worked so hard to build. The right small business coverage can help cover expensive damage and lawsuits from:
- Accidents
- Natural disasters
- Professional errors
- Workers’ comp claims