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Business insurance is not just for big corporations—it’s essential for small businesses too. While navigating the market can be overwhelming, K.L. Smith Agency of Willimantic, CT, is devoted to helping small business owners find the coverage that works best for their entrepreneurial venture.

Depending on the product or service your company specializes in, there are many types of small business insurance you could benefit from. To start, this trusted insurance agency recommends five common forms of small business coverage.

5 Forms Of Small Business Insurance To Secure For Your Company

1.  Property Insurance

Whether you own a facility for production or have purchased commercial real estate to welcome customers, every piece of business property you own should be insured. This vital form of small business insurance can help cover costs if your property is damaged due to fire, water, or vandalism. It also insures all the equipment and merchandise that may be compromised, such as in the event of a break-in.

2. Commercial Auto Insurance

small business insuranceCompany vehicle fleets are standard for many small businesses, such as repair services or local caterers. Any vehicle owned by the business and operated by you or your employees should be insured with commercial auto insurance to help cover costs associated with accidents. Even if your company doesn’t own any vehicles, non-owned commercial auto insurance can be added to your policy to help cover employees if they experience collisions while using their personal cars on the job.

3. Life & Health Insurance

If you’re a small business owner, there’s a good chance you’ve invested a lot of your own resources into making your entrepreneurial dreams come true. To protect that investment, you’ll want to have life and health insurance to cover costs if you face medical issues, as well as to support your family in the event of your death.

4.  Commercial Liability Insurance

Commercial liability insurance is one of the most important types of coverage a small business owner can invest in. Without it, your company can go bankrupt trying to cover the costs from an injury that occurred on commercial property or was caused by your services or products.

5. Worker’s Compensation

When employees are injured on the job and become unable to work, they can sue your company to cover bills and lost wages. With worker’s compensation included in your small business insurance policy, you can make sure these expenses are covered, and in exchange, your staff will  not sue if an incident occurs.

Many other forms of insurance can benefit a small business owner, so consult with an experienced insurance agent before you craft your policy. Call K.L. Smith Agency at (860) 423-9294 for help exploring small business insurance options in Connecticut and setting up the coverage you need.

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