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Owning and operating a small business is incredibly rewarding, but it is also financially risky, especially if you have a spouse and children depending on you. If you do not prepare for the worst-case scenario, and a catastrophe strikes, it could threaten your ability to provide for your family.

Below, the experienced team at Somers Agency LLC, shares a few kinds of small business insurance that you should consider purchasing:

1. General Liability Insurance

General liability insurance will protect your business if someone sues you for damages. It can cover lawsuits that are filed by either customers or employees who are seeking compensation for bodily injury or property damage.

2. Workers’ Compensation

In the state of Ohio, you must have an active workers’ compensation insurance policy if you have any employees. This will protect your company if an employee sustains injuries while on the job.

3. Life Insurance

small business insuranceYou may be planning to leave the business to your family in the event of your death, but that does not necessarily mean they will have access to any liquid capital when they need it. All small business owners should consider purchasing a sizable life insurance policy, so their family can maintain the company’s operating costs following an untimely death. 

4. Commercial Auto Insurance

If your company has any vehicles, you need a commercial auto insurance policy. If you require your employees to drive, but they use their own vehicles, you can purchase a non-owned auto liability policy to protect the business in case your employees get into a collision while on the clock.

5. Property Insurance

If you own the property that your business operates out of, or you have equipment or inventory that you need to protect, consider purchasing property insurance. This kind of small business insurance will cover your property in the event of fire, theft, or vandalism.

If you need to purchase small business insurance to protect your life’s work, turn to Somers Agency LLC and let our experts provide you with a detailed review. You can learn more about the products and services we offer by visiting our website. To discuss your coverage needs, give Dan or Lorenzo a call at (440) 324-3447.

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