Starting a small business can be very professionally and personally rewarding. However, operating a company of any size involves risk. Natural disasters, accidents, professional errors, and employee injuries are just some of the events that can occur at any time and threaten your livelihood and that of your employees. Small business insurance helps protect your company from financial loss when problems arise.
Small Business Articles
Working as a financial advisor or operating a financial services firm comes with several risks, from liability over the services you provide to incidents like slip-and-fall accidents when clients visit your office. The cost of lawsuits in these and other scenarios can be high, including court-awarded damages and legal defense expenses.
If anyone understands risk, it’s insurance agents. Even as you help customers choose and purchase insurance policies, you’re facing your own business risks.
If you’re a creative agency owner or key decision-maker, you’ve got to ensure that your company is protected financially from the many types of business risks you face. There are several steps you should take, but perhaps the most important is obtaining insurance.
General liability insurance is coverage that protects your business from the costs of lawsuits filed against it by customers, clients, and other third parties. Because it’s common for companies to be sued, every business should learn about general liability insurance and consider purchasing a policy.
If you own properties (other than your primary residence) that you rent out to residents or occupants, that business, like all businesses, comes with risks. Consequently, having insurance for landlords is essential.
One of the most important types of insurance a small business can have is workers’ compensation (also called workers’ comp or workman’s comp). That’s because workers’ comp covers medical bills and lost wages for employees who are hurt in on-the-job accidents. This benefits the employee, of course, but also the company since assisting employees with their healthcare expenses builds goodwill and helps the employee return to work sooner.
If you own a restaurant, it’s crucial to have restaurant business insurance. That’s a term encompassing multiple policies, each designed to cover a particular type of risk.
Workers’ compensation insurance is designed to cover medical costs and lost wages for employees who are injured or become ill on the job. If an employee dies as a result of a work injury, a workers’ compensation policy can pay a death benefit to their family.
Bakery insurance (sometimes called insurance for bakers or bakery cover) is a term for the various types of small business insurance that a bakery might need. Rather than one policy to cover all risks, bakers purchase different policies to protect themselves financially from the types of incidents they’re most likely to encounter.
We want you to make well-informed decisions about your insurance needs. Learn from answers to the questions most frequently asked by business owners.