Small Business Insurance – What Owners Need to Know
Small Business Insurance Quotes is important to protect your assets and business. The average consumer property damage or accident claim is around $30,000 per incident. That’s why a Small Business Owner (SBA) needs to have a BOP (business owner’s policy). This coverage combines business liability and business property insurance into one.
It helps protect you from liability claims and helps you protect your company assets. It can also help protect your company if your assets are used in the course of your business. Every small business need to take some sort of insurance to cover their risks. It’s not enough to consider your business assets as liquid collateral. It helps you maintain good credit with your lender and can reduce your risk if something happens.
The Small Business Insurance helps protect you against Property Damage and Bodily Injury claims. When someone suffers an accident in your company or on your property there is always damage. When that happens there is liability protection. Bodily injury is sometimes called workers’ compensation and helps protect you and your employees. When a person has a workers compensation claim, they might be able to get injured on the job and be entitled to compensation for that injury. Sometimes the company has liability insurance that covers those workers when they are injured on the job.
To know what type of coverage to buy consider what your business insurance covers today. There are so many factors that play into determining what you will not need to have covered. Your age, the size of your business, the location of your business, the industry that you operate in, and even what products you sell are all things that go into what type of coverage you need. Some of the typical types of coverage that a small business insurance policy will have been to pay medical expenses, losses, property damages, and bodily injuries. Many policies will also cover advertising.
One type of coverage that many small businesses do not purchase is commercial auto coverage. It is true that commercial auto coverage is required by the states, but it can be a good idea to have anyway if you can afford it. Commercial auto coverage can help protect you when you have an employee that gets into an accident and requires the use of a company vehicle. If the business owner does not have commercial auto coverage, they can run into serious financial problems because if the employee is injured and they cannot work, their wages are cut. This is not good for the business.
The last thing that a small business owner needs is to have a bad liability situation. A person can be sued and injured for any reason, even if it was somebody else’s fault. This can be a huge problem for small businesses that do not provide any form of health or life insurance. It is always better to be safe than sorry. In order to protect their assets and the financial future of the business, the owners need to get commercial liability insurance.