Owning your own business is incredibly rewarding. You invest your effort, money, and time into building a solid customer base and establishing a good reputation, so it's critical to safeguard what you've created by properly insuring your company. To protect your interests, it's smart to have an insurance agent on your side who understands the business insurance needs of a small company.
Types of Business Insurance
Many people think of business insurance as "one size fits all." However, there are a variety of product combinations customized to meet the needs of your industry. During your initial meeting with your insurance agent, provide information about the size of your business, contractual obligations which require coverage, and your business's location.
When you make your first hire, workers' compensation should be one of the first policies you add. This coverage provides injured employees with medical treatments, disability compensation, and death benefits if an incident occurs on the job. It also protects you from personal liability.
Errors & Omissions
Also known as professional liability coverage, this policy protects against claims of shoddy workmanship, errors, mistakes, and negligence. It is critical for service-related industries and professional advisors, like HVAC companies or real estate agencies, to carry this type of business insurance.
Whether you own or rent a business property, be sure to discuss coverage options with your insurance agent. It's important to protect yourself against losses such as theft, fire, or flood that could result in expensive repairs or replacements.
Some companies consider adding umbrella policies to their business insurance to keep premium costs down. Umbrella insurance takes effect in case a serious incident maxes out another policy's coverage limits. For instance, if a snow storm damages your building and contents for more than your property insurance will pay, an umbrella policy would cover the difference.
Your business is your livelihood. When you have to close your doors for reasons out of your control, business interruption insurance helps to cover lost income. This coverage is especially beneficial for brick and mortar companies.
With so many options, choosing the right business insurance for your needs can feel overwhelming. However, the qualified team at Jan Parisi Agency Inc of Spencerport, NY, has over 30 years of experience helping small companies with their business insurance needs. They will work to minimize your risk with an affordable insurance plan tailored to your business. Schedule your appointment to meet with a knowledgeable business insurance agent by calling (585) 338-2141 or view product offerings online.