If you own a small business, a bog-standard business policy won’t do.
Whether you own a small marketing firm, a yoga studio, or a bakery, small businesses work hard to better their brand. To focus on excelling the business, protection is needed for what you have built so far.
Small businesses need a variety of insurance policies based on their own specific needs! As every business runs differently, each company and workplace will need tailored insurance to cover their unique risks.
Here are some common policies that just about every company must consider:
Every business needs liability insurance which covers damages or injuries caused to others or their property. If someone goes head over heel (on the office’s wet floor, not for your product), you may be slapped with a lawsuit and face paying for their medical expenses. Liability insurance can minimize the financial and reputation damage.
Your building houses all of your valuable equipment, talented staff, and company’s worth. Everything from the building structure to the Magic Mouse, you had to invest to purchase. Property coverage protects the building and contents from being permanently lost due to a fire, storm, vandalism, or natural disaster.
Commercial Flood Insurance
Flooding insurance is rarely covered under Property Coverage but is essential for almost every building. Flood insurance is designed to cover losses and damages caused from flooding so that your company can get back up and running as quickly as possible.
Whether you employ one person or several hundred, you are required to have workers’ compensation. If an employee is injured or killed on the job, this coverage provides financial aid for medical expenses, lost wages, and family bereavement.
Cyber Liability Insurance
As technology advances, so do hackers. The majority of companies stores data online which are becoming ever-vulnerable to a cyber breach. This insurance is there to protect your business’ finances after a virus, leak of sensitive information, hackers, downtime for repairs, and reputation!