When you start your own small business, you take on significant risks. Hopefully, your business is a great success, and these considerations remain theoretical. Regardless, it’s important to make sure you have appropriate insurance coverage in place should your company ever hit a bump in the road. Here are some common risks that many businesses face and the types of policies available to mitigate them.
Professional and general liability insurance. Business risks go beyond lost or damaged property. Customers may sue your company for medical expenses if they hurt themselves on your premises. You may also face a lawsuit for libel or slander, errors, omissions, malpractice or negligence. But robust general and professional liability insurance policies can help protect you.
Commercial property insurance. Commercial properties can suffer losses just as primary residences can. Your building, office, warehouse or commercial space — and its contents — are at risk of theft or damage from smoke, fire, water, windstorms, vandalism and other perils. This is why it’s important to maintain commercial property insurance and fully understand your coverage.
Home-based businesses. Maybe your place of business is right in your own home. In this case, you likely have equipment or other supplies that could be damaged or stolen. Fortunately, you can secure home-based business insurance to cover these assets as well as liability for third-party injuries even when you operate from your home.
Business owner’s policy. A business owner’s policy is a convenient insurance package that combines many typical coverage options into one bundle. They can simplify the insurance-buying process and often save you money. Talk to your local We Insure agent to see if a business owner’s policy might be right for you.
Inland marine. Sometimes, property doesn’t suffer damage at your place of business but while in transit to another location. This is especially true if your company uses specialized tools or equipment that goes from one jobsite to the next. If this describes your business, then you may require inland marine coverage.
Business interruption. The pandemic has shown everyone how life — and business — can be suddenly and dramatically interrupted. Did you know that you can obtain insurance to keep your operations going as usual and protect your stream of income? Business interruption insurance can pay rent expenses and employee salaries during covered events. Note that you should not assume a pandemic is a covered event — always check your policy documents to verify coverage.
Product liability insurance. This coverage is for companies that manufacture, wholesale, distribute and sell products. Product liability insurance can protect your business against financial loss as a result of a defective product that causes injury or bodily harm.
Commercial auto. Whether you have a single box van or an entire fleet, you can end up in a situation where your business vehicles become damaged, disabled or totaled. And just like for your personal ride, you can obtain commercial auto insurance to protect you. And also just like for your own vehicle, you want to make sure that your policy comes from a top-rated carrier that provides adequate coverage. We Insure can help you keep your business rolling.
We Insure offers a full range of insurance products for many business needs — at competitive prices. Call your local We Insure agent today to find out more about insurance for your business.