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Small businesses are popping up all over the place, with many businesses run by owners who are not formally trained in the business world. One thing that a new small business owner may overlook is the type of insurance you need to keep your business going strong. If you don’t have insurance, you may end up bankrupting your company due to lawsuits that you don’t have protection against.
General liability insurance is the first stop for any new business owner, small or large. This is blanket coverage that covers a large amount of perils that a business faces lawsuits over. A good example of something commercial liability covers is if a customer gets injured when browsing your retail store. They sue for medical bills and damages. Instead of you covering this payment out of your operating account, your insurance covers it.
If you have vehicles and property that you use wholly for commercial businesses, you need commercial insurance to cover them. Residential insurance options do not allow you to make claims for business related accidents or damage.
Workers compensation is a necessary type of insurance if you have a certain number of employees, which is regulated by the state that you’re doing business in. This insurance provides compensation for employees who are injured while working. This also covers medical costs related to the accident. If you don’t have this insurance when you have enough employees, the state will fine your business heavily.
Look up online insurance quotes to find out how much necessary insurance costs your business. It may cut into your overhead a bit, but it’s worth it for the financial protection.