Why small business insurance is important

Some business owners may be tempted to not carry business insurance as long as it isn’t required by law. Although, small business insurance can protect your business from a laundry list of possible risks and damage. 

• At Beacon we carry many types of business insurance, & some are required by law
• Small business insurance can sometimes be an expensive investment, but the reality is it can save your business a lot of money.
• In this article we let you know what types of business insurance policies are available to you & which ones may be required to have

Not having small business insurance leaves you at risk to costs that would far outweigh the fees of your monthly premium. For example, if someone were to slip and fall in your business injuring themselves in the process you could be looking at up to $20,000 or more to settle a lawsuit. 

Looking for the right  business insurance policy for your company? Please give us a call today to speak with a professional business insurance agent. 

 

916-273-8391

 

Types of business insurance coverage

There are some forms of business insurance that are required by law, this typically takes place when your business reaches a particular size. As an example, the Affordable Care Act mandated employer-sponsored healthcare coverage for businesses with 50 or more employees. And the failure to retain these types of insurance doesn’t expose small businesses only to the risks they’re intended to cover, but also to governmental action for violating the law.

General Liability Insurance

A good business liability policy will protect your company if someone were to suffer from a bodily injury, property damage, or slander due to something your company may have done. If someone were to slip and fall general liability insurance would cover attorney fees and settlements. 

Workers Compensation Insurance

Workers comp will give your employees benefits if they were to injure themselves on the job or suffer from an illness due to something work related. These benefits can help to pay for your employees medical costs, replace wages, or even pay for ongoing care like physical therapy. Most states will require you to carry workers comp if you have a certain number of employees. 

Professional liability insurance

Commonly referred to as as errors and omissions insurance or E & O insurance, professional liability insurance helps cover legal costs related to claims for errors your company made. This type of business insurance is especially helpful if you provide a service to clients, as claims of late, incomplete, or inadequate work can lead to costly lawsuits.

Commercial property insurance

Commercial property insurance is for brick-and-mortar businesses. It will help cover costs resulting from fire damage, theft and natural disasters. However, this insurance doesn’t cover damage from flooding or earthquakes, which requires a separate policy.

Employment practices liability

Employment practices liability insurance will protect your business against any lawsuit or complaint an employee may have regarding the company, such as:

• Sexual harassment lawsuits
• Wrongful termination
• Timecard discrepancies
• Breach of employment contract
• Failure to employ or promote
• Wrongful discipline
• Discrimination claims

At Beacon Business Insurance we are your one stop shop for everything commercial insurance related. If you’re looking for a fast, free business insurance quote, please give us a call today at 916-273-8391