Small Business Insurance Smooths Out the Bumps
As most small business owners can tell you, even when things are going well there is always another challenge waiting just around the corner. The business may go on as you deal with the small problems each day but what if something big happens that threatens the operation of your business? Business insurance can protect you and your employees from the impact, smoothing out the larger bumps in the road.
There are several types of business insurance. Depending on the nature of your business, whether you have employees, own equipment, buildings, vehicles or provide certain services your business may need multiple types of business insurance. An insurance agency can help navigate the options and ensure that your business is adequately protected. These are some of the more common types of business insurance.
Types of Insurance for Small Business
Commercial general liability insurance protects your business against claims arising from injury or damage sustained by a customer, vendor, sub-contractor, visitor or anyone else who is not part of your organization. It’s often referred to as ‘trip and fall’ insurance to protect against lawsuits or claims by people who become injured while at your place of business though it covers much more than that. For example, a homeowner’s car is damaged by a tree branch cut down by a landscaper working on the homeowner’s property. The landscaper’s general liability insurance can cover the cost of the car repairs for the homeowner. In fact, for situations like this, many clients require proof of general liability insurance before hiring a contractor.
Tradespeople Also Need Insurance
Specialty trade insurance is meant for the more specific needs of tradespeople including plumbers, electricians, and general contractors. This insurance can cover loss or damage to the expensive tools and equipment necessary for the job. Some policies may also include special consideration to cover damage or loss of equipment, tools, and materials while in transit or when being used off of insured premises.
Protect Against Errors and Omissions
Professional Liability Insurance, also sometimes called professional indemnity insurance or Errors and Omissions insurance is specific to the needs of professionals such as doctors, lawyers, engineers, and accountants. It protects these advice and service providers from negligence claims that may arise from their practice. This type of insurance takes on different names and characteristics depending on the profession, however, as an example, malpractice insurance for doctors is a type of professional liability insurance. In some cases, clients that use professional services require that service providers carry professional liability insurance, or it may even be required by law.
Take Care of Your Building and Property
Commercial Building Insurance or Commercial Property Insurance is necessary if you own the building where your business operates. This type of insurance can protect your business from damage that occurs to the building and the physical assets inside it or on the property. Depending on where your business is located, commercial building insurance covers fire, hurricane, ice storm, earthquake, and water damage as well as other natural disasters. Vandalism and theft are additional considerations for commercial property insurance. Commercial building insurance usually covers all of the contents of the building, and on the property including inventory, office furniture, computers and electronics, tools, equipment, outdoor signs and fixtures, and the personal property of employees while they are on site.
Protection for Injured Workers
Worker Compensation Insurance is required in many states if you have more than a few employees. In the event of injuries sustained on the job, worker compensation insurance ensures that employees are cared for by paying for medical treatment and with some form of income assistance. Worker compensation insurance can also protect the business from being sued by an employee injured while at work. It’s important to note that every state varies in its requirements for employers to carry worker compensation insurance. In some states, an agency provides worker compensation insurance to businesses and in others, business owners are expected to purchase it from a reputable insurance carrier. The best insurance agency will know all about the specifics of worker compensation insurance in your state.
Insurance for small business owners, contractors and professionals can help protect against costly claims that could ruin or severely limit your ability to continue operating. Contact E&Y Agency to learn more about insurance for small businesses and contractors. You may need more than one kind of insurance and we can put together a package that suits your business and your budget. Call us or complete the form below to find out more. E&Y Agency also provides home and auto insurance, business insurance and tax services to clients in Troy, Birmingham, Rochester, Rochester Hills, Royal Oak
