According to SBA estimates, more than 620,000 new small businesses open each year in the United States on average. While the cost to open a small business can vary, it typically takes a substantial investment to get your small business off the ground to up and running. The ultimate wish for every small business owner is to have a business that is successful, and that allows them to make a living out of doing something they love and something they can truly call their own.
Part of providing your business with all it needs to be successful is investing in the right commercial insurance policies that will keep your business protected from a myriad of different scenarios. Protection for your property, your employees, against liability, and for your business vehicles gives business owners peace of mind that all they need to worry about is keeping up with their success.
Different Types Of Commercial Insurance Policies
There are many different types of commercial insurance policies and coverages out there, and the policies you choose will depend on the business you’re looking to open. A home-based business that makes candles with a handful of employees will require different coverages than a bustling restaurant and pub in the middle of a busy city. Different types of commercial insurance policies worthy of looking into for any small business owner are:
- Business liability insurance – Business liability insurance protects you and your business from claims or lawsuits filed by any third party not involved directly with your business. This means that if a customer slips and falls on your business property, it’s your business liability insurance that will protect you from paying out of pocket for any related lawsuits.
- Workers compensation insurance – If your business employs even one single non-owner employee, workers' compensation insurance is a necessity. In most states, laws require workers compensation insurance for any business that employs non-owners, and this covers any injuries or illnesses your employees may encounter on the job.
- Property insurance – Whether your business is a restaurant, a food truck, a mom and pop corner store, or a home-based business, property insurance is important. What property insurance protects you from is any sort of physical disaster that may befall your business. Fire, flood, burglary with vandalism, or related catastrophes can be devastating to small businesses if not insured.
- Commercial auto insurance – If your business owns any vehicles, those vehicles must be insured for the specific job they carry out. Even those who work out of the home, but may have business owned vehicles for making deliveries, should be covered by a commercial auto insurance policy.
All Of The Policies You Need For Your Business
When your small business is protected, it’s given the best foundation to succeed. We have all of the various policies you may need to keep your business protected and to give you peace of mind that you’re doing what you can to keep your business successful. If you’re interested in finding commercial policies for your business, see what we have at Panorama today.