As a business owner, your company faces different risks and challenges every day. Insurance helps protect your business from these risks.
Different Types of Business Insurance
Usually, business insurance varies in a handful of specific types including commercial liability insurance, commercial property insurance, commercial auto insurance, and workers’ compensation. Not all of these items are included in all business insurance plans since different businesses require different coverage specifics. There isn’t one simple type of way to define business insurance because of this exact reason. To determine what kind of insurance fits your company best, first determine and define your business’ industry, size, location, and the number of employees in your company. At a minimum, you may want to have liability and property coverages.
Liability coverage can help protect your business against claims for bodily injury, property damage, advertising injury, errors, or omissions. This includes certain situations like slips and falls during winter on your property or a stray tree branch falling on a client’s house during a tree trimming job among other accidents. Without liability policies such as general liability insurance, professional liability insurance, commercial umbrella insurance, and directors and officers insurance you may be paying legal and additional costs out of hand.
Employee and Workers’ Compensation Insurance Policies
If your business has employees, your state likely requires you to carry workers’ compensation insurance. Benefits are a great way to build employee loyalty and keep them around for longer. Pay isn’t the only thing that persuades an employee to stay at a job, and good benefits are indispensable. This insurance especially helps your employees recover from a work-related injury, manage disabilities, provide healthcare to them and their families, and ensures their families have benefits in case of unfortunate workplace accidents resulting in loss of life. Different factors will impact the cost of your worker’s compensation policy such as job risk, claims history, and payroll size.
Some insurance companies can help small businesses with risk management and other points of business insurance. Bleiler Insurance is the insurance broker to help your business independent of its size. We specialize in local clients with business insurance, auto insurance, home insurance, and more!