Every year, there are around 340 million occupational accidents and 160 million work-related illnesses. Businesses can protect themselves from going bankrupt from these sometimes unavoidable issues with insurance.
However, a basic insurance policy won’t protect your company from every accident. You’ll need a set of insurance policies to have full protection.
So, how do you choose the best business insurance? Keep reading to find out.
How to Find the Best Business Insurance
To find the best business insurance, you’ll want to obtain quotes from various business insurance services. The right fit will depend on how large your company is, the location of the business, and the industry you are in.
Finding the right business insurance coverage also involves knowing the types of insurance options out there. Here are some policies you should consider:
1. General Liability Insurance
All businesses need general liability insurance. This type of insurance can help if a third party of the property gets harmed because of your business activity.
General liability insurance is often required by the state. Your landlord or contractor might also require that your business have this type of insurance.
2. Commercial Auto Insurance
Businesses that use vehicles as part of their operations will need commercial auto insurance. It might be required by law for businesses to have this insurance policy as well.
This coverage protects your company if there is an auto accident that occurs while working in a company vehicle.
3. Workers’ Compensation
Most states require workers’ compensation policies for any business with employees. If an employee gets injured while on the job, this coverage will protect them and your business.
4. Professional Liability Insurance
If your business provides services for a fee, you might be required by law or industry regulation to have professional liability insurance. This will protect you if a client accuses you of giving bad advice or making a mistake.
You might also find that this insurance is called errors and omissions insurance.
5. Commercial Property Insurance
Whether you rent or buy your commercial space, you might be required by the landlord to obtain commercial property insurance.
If your office space or assets are damaged, this policy will help you get them repaired or replaced. Assets might be inventory or equipment.
6. Understand Your Risks
Insurance for small businesses will also depend on your company’s risk factors. Liability insurance is always a must, but there are additional coverages you might not need.
Evaluate your risks by considering your industry. You’ll then be able to buy business insurance to protect your company against those risks.
What Insurance Coverage Does Your Business Need?
Before you can find the best business insurance, you need to understand the types of insurance policies out there. Revisit the laws in your area and ask your property landlord what insurance policies they require.
Obtaining the right business insurance coverage will protect you and your company if an issue were to occur. Consider the risks in your industry and then compare rates to find the best options.
For more articles on business, check out the other posts on our blog.