What Insurance Do You Need For A Small Business?

​Any entrepreneur thinking about starting a small business should also consider that getting business insurance is a priority. Aside from the financial aspects, a business that’s just getting off the ground can be derailed by any of these situations – an employee gets injured on the job, a customer gets injured while on the premises, company property gets damaged from a natural disaster, or a business transaction goes awry and a client files suit.

Taking steps to protect your assets is invariably a critical part of doing business. That’s why making sure that your business is insured properly is always a prudent move. So, what insurance will you need for your small business? Here are some of the most important ones:

• ​General Liability – Every business, big or small, needs to carry general liability insurance. This is true even if your business is based out of your garage or living room. Basically, what this does is protect you against damages in the event that you, your employees, or anything connected to your business has or have been alleged to cause injury or damage to a third party.
  
  
• Property Insurance – This will ensure that you are protected in case your business assets (offices, equipment, furniture, fixtures) get damaged in the event of a fire, flood, theft, vandalism, etc. For those running their business at home, make sure you talk with your insurance agent, because chances are your business assets are not protected by your existing home insurance.
  
  
• Professional Liability Insurance – By getting this, you will be able to protect yourself and your assets against malpractice, errors, and any negligence while providing services to your customers. It is also called the “errors and omissions” insurance. You don’t have to get this if your business is not into providing financial advice or medical services, for example.
  
  
• Worker’s Compensation – If you have people working for you, it’s a good idea to get this. Basically, it provides insurance for your employees in case they get injured while on the job. They will receive medical benefits as well as wage replacement, but in return, the injured employee will give up his or her right to file suit against you, the employer. This is a great plan to have for protecting yourself and your business from legal complications.

There are plenty of other insurance options for the small business owner, but in any case, the best move for you would be to get business insurance for protection against any complications in the future.

At Insurance Marketplace, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (541) 779-0177 or Click Here to request a free quote.