When it comes to small business insurance, every company has unique needs. As such, there are no definitive guidelines regarding the kinds of policies and total coverage limits you should purchase. There are, however, a few standard questions you can ask yourself when you’re ready to get started. The following questions will help identify your business’s particular needs so you can ensure your company will be protected in all eventualities. 

What to Ask Before Buying Small Business Insurance

1. Is My Company at Risk of an E&O Lawsuit?

Consumers who feel they received negligent advice from a qualified professional after having established a business relationship may have grounds for an errors and omissions lawsuit. If you happen to work in an industry in which E&O suits are common—legal or financial, for example—it’s wise to include errors and omissions coverage in your small business insurance package. 

2. Will My Company Be Hiring Employees? 

If you conduct business in the state of Alaska, you must purchase workers’ compensation coverage if you have at least one employee, unless the Board has approved you as a self-insurer. This coverage will provide medical care and a portion of any lost wages to employees who get hurt on the job. 

3. Does My Company Have Any Significant Assets?

If your company owns any tools or equipment, property insurance can cover them in the event of a fire, theft, or similar disaster. And if you use one or more motor vehicles to conduct business, you’ll need commercial auto insurance. 

You should also consider the total value of the company’s assets when calculating how much general liability coverage to buy. Although these policies don’t actually cover property, total assets could play a role in any claims. General liability insurance will protect you in the event that a client sues for bodily injury or property damage sustained on your premises. If the total value of your business assets exceeds the coverage limits considerably, though, you could be forced to liquidate various assets to compensate the claimant. 

The knowledgeable team at Dunlap Agency, Inc. will evaluate your coverage needs regarding small business insurance. Whether you know what to buy after answering the above questions or you have a few additional ones, their agents will help. Located in Fairbanks, AK, this firm has served individuals and commercial clients throughout the area since 1986. From ATV insurance to commercial bonds, this one-stop shop can assist with all your coverage needs. To request a quote, call (907) 456-5202 or visit their website to browse their services.