From raising seed capital to putting in long hours, small business owners understand the time and effort it takes to get a company off the ground. Business insurance focuses on protecting your assets and interests and positioning your business for growth and success. Here’s a guide to what entrepreneurs need to know about getting insurance coverage.

Why Do Small Businesses Need Insurance? 

Insurance provides protection against the unexpected—natural or man-made disasters, theft, accidents, and similar perils. Insurance pays for repairs and replacements and allows your firm to continue operating. Businesses may also be hit with lawsuits from injured employees or unsatisfied customers. A comprehensive insurance policy is designed to pay for compensation and legal judgments, limiting your out-of-pocket expenses. 

What Types of Insurance Are Needed?

Most states require businesses to have workers’ compensation and disability insurance. Coverage requirements are typically based on the number of workers employed. Workers’ compensation pays for an injured employee’s medical expenses and loss from wages should they be harmed on the job. 

Companies, regardless of their size, should have liability insurance for damages and legal proceedings if a customer or other nonemployee is injured. Most policies cover property damage due to negligence in addition to personal injury and protection for office equipment, inventory, and furnishings damaged, stolen, or vandalized. If your company has vehicles used primarily for business, commercial auto insurance is also recommended. 

Are There Tips for Choosing Insurance?

When it comes to selecting business insurance, it’s best to partner with an agent that has extensive experience working with small business owners. They’ll offer recommendations and structure coverage to accommodate your needs.

Wilmoth Insurance Agency Inc. in Cookeville, TN, specializes in helping small business owners secure customized and affordable coverage. What makes this independent firm unique is its ability to shop for rates. You’ve worked hard to open and maintain your company. Safeguard it with the proper protection. For a free, no-obligation insurance quote, call (931) 526-6181, or go online to learn about the agency’s approach to serving small businesses.