When you own a small business, you have a lot to protect. Getting the right small business insurance coverage is critical to protect and secure your company’s future. There is much to consider and understand when buying a small business insurance policy. To make sure your business has adequate insurance protection, consider getting a policy that has the following:

Property Insurance – One of the must have insurance policies you should consider is property insurance. Whether you lease an office space or own your own, property insurance is critical. It protects your business from common perils such as theft and fire. Not only does property insurance cover the building, but it will also compensate for loss of personal property including office supplies, equipment, and furnishings. Every policy is different so it’s important to understand what coverage your business needs before making a decision. For example, often a business will select a very specific form of property insurance to cover individual risks such as flooding or earthquakes. This will depend on the area your business is in and what sort of destructive events may be a threat.

Liability Insurance – Regardless of your business size you will want to have some type of liability insurance. Any company can be sued, people may claim that your product is faulty, or you created a hazardous work environment. Each business needs are unique and will benefit from a customized policy. General liability insurance is a popular policy because of the extent of its protection. This policy will protect your business against medical expenses, legal costs of lawsuits, slander, and much more.

Workers Compensation Insurance – Depending on your state and number of employees you may be required to have workers compensation insurance. If one of you employees were to trip and fall, your business may be held accountable for medical costs. Regardless of whose fault, workers compensation insurance will cover the medical bills of the injured as well as replace a portion of lost wages. The policy also contains disability and death benefits in the event that an employee is injured or dies.

Although, property insurance, liability insurance, and workers compensation insurance are the must have policies for your business there are several other types of policies you may need:

Business Vehicle Insurance – If your business has a company vehicle you will want to make sure it is fully insured. This protects your business against liability if an accident should occur. If employees are using their own vehicles, personal insurance should be adequate.
Business Interruption Insurance – Typically applicable to companies that require a physical location to do business, business interruption insurance protects you from loss of income during your staff’s inability to work in the office.
Data Breach Insurance – protection against cyber attacks and data breaches. Best for businesses that handle large amounts of customer data or process payment transactions.

Do you have additional questions about small business insurance?
Contact a small business insurance specialist at Grindell & Romero Insurance to answer any of your business insurance questions. Providing small business insurance to Las Cruces, NM and surrounding areas since 1888. Call today for a free small business insurance consultation and quote.

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