Is your small business in a position to withstand an unexpected occurrence such as a catastrophic event or a lawsuit? While owning your own business can be rewarding, there is a great amount of risk that is involved in business ownership. Businesses are exposed to certain risks from the minute they are officially open for business, even if they’ve yet to hire their very first employee. Without the proper insurance coverage, given even one unexpected event, your small business could face closure before it has even had time to get off the ground.
Thankfully, there are a variety of insurance plans to properly protect your business against threats. As an independent insurance agency serving Michigan and Ohio, E&Y Agency caters to providing insurance to small businesses. While there are several types of insurance that protect businesses, here are just 4 of the important types of coverage that are available.
Types Of Insurance
Professional Liability Insurance: Professional liability insurance, also known as errors and omissions (E&O) insurance, is vital for the protection of your professional services business. Professional liability insurance protects your business against accusations of negligence, or the failure to perform professional services, whether or not your company actually did make a mistake.
Workers Compensation Insurance: Even in the safest of workplaces, unexpected accidents can and do happen. Workers compensation insurance protects your business from any expenses that result from on-the-job injury or illness. This insurance covers the medical treatment, a portion of lost wages, disability benefits, and death benefits for the dependents of your employees if death occurs during a work-related duty.
Property Insurance: Property insurance is vital to any business, whether the business leases or owns its space. In the event of a theft, fire, or storm, property insurance will provide for coverage of lost equipment, inventory, assets such as furniture, and signage. There are situations, however, such as natural disasters like earthquakes and floods, that are not covered under the standard business property insurance policy, so you will want to be sure you have the proper coverage for your needs.
Home-Based Business: If you operate your business from your home, it’s important to understand that the typical homeowners policies don’t cover your home-based business. An in-home business policy offers coverage for lost income, equipment, supplies, and inventory, as well as business-related liability exposure.
Work with E&Y Agency, your experienced insurance professionals, to find just the right coverage for your small business located in Ohio or Michigan. Call us today at 248-362-1313 for more information.