To successfully run a small business, there are many responsibilities you must take care of behind the scenes. This includes making sure your company is protected from a wide variety of risks. While you can’t ensure that your business will always run without a hitch, you can purchase reliable business insurance to minimize any potential losses in the future. Some of your company’s coverage needs will depend on its size and industry, but certain forms of insurance should be included in most policies for small businesses. Here are a few options to consider.

What Types of Insurance Does Your Small Business Need?

1. General Liability 

All businesses need legal protection against potential lawsuits. General liability insurance will cover medical expenses and other losses related to third-party injuries that occur on your premises. It also offers coverage for property damages you or an employee may accidentally cause while performing your job duties. 

2. Workers’ Compensation 

Under the North Carolina Workers’ Compensation Act, all employers with three or more employees are required to carry workers’ compensation insurance. This is designed to help employees financially recover from on-the-job injuries or illnesses. Without this coverage, you would be subject to legal penalties and out-of-pocket costs for workplace injury claims and lawsuits. 

3. Commercial Property 

Commercial property coverage is important whether you own or rent your business location. This type of business insurance will help pay to repair or rebuild the structure if it’s damaged due to a covered event, such as fire, inclement weather, falling objects, or vandalism. It will also reimburse you for the replacement of furniture, equipment, and inventory if the contents of the building are damaged or stolen.

4. Business Interruption 

Should a disaster strike that forces your company to shut its doors for any period of time, this can result in a significant loss of income. Business interruption insurance will help cover a portion of the profits you would have generated to help keep you afloat until your regular operations can resume. 

5. Business Owner’s Policy

A business owner’s policy allows small business owners to combine several kinds of coverage into one package. These policies typically include liability, property, and business interruption insurance. A business owner’s policy is usually a less expensive option than purchasing each policy separately. 

If you’re looking for reliable and affordable business insurance, reach out to Zimmerman Insurance Agency in High Point, NC. They’ll assess the risks specific to your organization and help tailor a policy to fit your unique needs. Since 1963, they’ve been committed to providing entrepreneurs throughout the Piedmont Triad area with quality coverage solutions at competitive rates. Call (336) 883-6512 to request a quote, or visit them online for more information about their services.