Types of Insurance Every Small Business Owner Should Consider
Top types of insurance for small businesses.
Owning a business is a rewarding experience. Being self-employed means that you don’t have to be tied down to the standard 9 to 5, you’re in control of your career, and you’re doing what you love. Many people across the nation are starting their own business with endless growth in mind. However, it’s easy to get caught up in growing your business and forgetting about insuring it properly. Insurance is important for your business’s success. Take a look at just a few insurance policies you should consider.
Property Insurance
This covers your business’s physical assets, such as the building and inventory. A wide variety of events can fall under this coverage, such as fire, smoke, wind and hail storms, and vandalism. Note that flood and earthquake damage are generally not covered without flood insurance and earthquake insurance.
Workers’ Compensation Insurance
A growing business usually entails employees. Once you start hiring employees for your business, it’s time to think about getting workers’ compensation insurance. If an employee gets injured on the job, you want to make sure your employees are covered. Having this type of insurance is required for all employers.
Liability Insurance
Small businesses work with new people constantly. As a result, this increases the risk of being sued by customers for any reason. If someone claims that you have caused harm to them or their property, you will want to have liability insurance to cover you in these instances. This coverage helps to pay for damages, lawyer fees, and other expenses that will save you money in the long haul.
Owning a business is great, but being prepared for your business is better. To learn more about the right insurance for your business, contact Massive Insurance today!