Many small business owners wonder if they need business insurance, and the simple answer is yes. Every business owner needs small business insurance to help protect their company from risk. Choosing the right coverage, however, can be a bit of a challenge.
At a minimum, business owners should start with general liability coverage, workers’ compensation coverage, and commercial auto coverage. Business owners should also consider the equipment and tools that keep their business running, as certain coverages can help protect these assets.
Basic Business Insurance Needs for Small Business
The average customer injury or property damage claim is $30,000. That’s why a Business Owner’s Policy is advisable for most companies. This policy combines business property and business liability insurance into one. We can then help you customize it to fill in any gaps that your policy doesn’t cover. You can count on us to make sure you’re prepared for accidents, liability lawsuits and damaging weather that comes your way.
Types of Business Coverage Options
Every small business faces certain hazards and risks. To help protect your business, you’ll need to get the right small business liability insurance, which may include general liability insurance, professional liability insurance, employment practices liability insurance, management liability insurance, or cyber liability insurance.
There are many types of small business insurance. General liability insurance can help protect your business from claims of bodily injury or property damage. Another option is commercial property insurance, which protects your business’s physical location and other property. Business income insurance will help to replace lost income from events like fire, wind damage, theft, and other covered losses. Workers’ compensation insurance will help you provide benefits to your employees if they have a work-related injury or illness. Commercial auto insurance can help if you have employees that drive for your business. Professional liability insurance will help to protect your finances, and data breach insurance will help protect your business by notifying impacted individuals, hiring a public relations firm, and offering credit monitoring services to data breach victims.
We can also help you save money on business insurance costs by offering a packaged policy. With a combined policy, you can protect your business from property damage, lost income, and liability claims. If you’re still wondering what type of insurance your small business needs, our specialists can walk you through all the available options.
Contact the agents at La Porte Insurance Agency today at (219) 324-2600 for a small business insurance quote.
