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You may need some clarification on insurance choices! Buying furniture or renting a space is easier than getting the insurance you need. You are purchasing protection for your small business when you purchase insurance. You will be covered in the event of a business disaster, depending on the cause. Purchasing something like insurance can be difficult for some people since it is intangible and only sometimes necessary.
It is common for people to insure their car, home, health, and life, so why would you neglect to insure your business? You need insurance for your business, your employees, and yourself.
Small business insurance protects your company's assets and income from property losses, liability lawsuits, and employees from occupational injury and illness. There is a type of insurance to cover the most prevalent risks that businesses, such as retail, manufacturing, food & beverage, construction, and healthcare, encounter.
Entrepreneurs need to consider insurance when starting a business. When you start perfecting a product, hiring staff, and acquiring (online and offline) customers, insurance may seem less important. To scale and protect a business, owners need to understand their industry and the types of insurance required.
The candy shop business can be profitable and fun. For a treat, families often visit candy shops. Adults also enjoy candy shops without families. It's universal love. You must protect your company in several ways, whether you make your candy or buy it for your customers. Keep your business protected with suitable insurance.
There are risks associated with candy shops, such as fire, theft, and injuries. Your store may have to close if someone sues for damages, despite its loyal customer base. An insurance policy for your business provides financial protection in case of unexpected events.
There is much work involved in owning a clothing store. Choosing the right location, selecting products, and hiring employees takes time and effort before the store even opens for business. Your small business insurance coverage should be customized to ensure it works as hard as you do for the business. The business will be protected from financial ruin if situations arise that insurance can cover. Business Insurance allows the company to make it through tough times without going bankrupt. Small business owners work especially hard to run their retail stores. Your boutique faces many challenges and takes business risks. We understand, But you can at least protect your clothing shop with the right commercial insurance.
Pharmacies and drug stores may face many types of risks simply by the nature of their operations. A mistake in dispensing drugs may result in fatalities or severe injuries to the patient. Pharmacy services include counseling customers, answering prescription questions, or offering advice to those seeking over-the-counter solutions. Pharmacists work closely with medical professionals, insurance companies, manufacturers, and drug suppliers.
Pharmacies are at risk of incorrect medication dispensing, dosing instructions, and dosage amounts. Prescription orders may need to be communicated more effectively between the prescribing physician and pharmacy staff, although most of this is now done electronically, preventing many errors. The prescription insurance claim processing between the pharmacy staff and the health insurer is now streamlined with electronic claim billing. Additional risks include damage to owned property, premises-related injuries, cyber exposure, and potential product liability claims. Industry-specific concerns can vary depending on the organization's size and operations.
An essential part of a florist's risk management strategy should be buying business insurance to protect you from various risks. There are many insurable risks that flower shop owners may encounter in their daily operations. Florist insurance comprises several types of policies, general liability, business property, worker’s compensation, and business auto for those delivery vehicles. Floral shop insurance is essential for protecting your business finances, assets, and inventory in case of property damage, third-party injury or property damage liability, auto accidents, or injured employees.
Beautiful bouquets and floral arrangements can be an excellent addition to an indoor or outdoor living space as they evoke joy and gratitude.
Running a flower shop successfully involves striking the right balance between delighting your customers and maintaining your business’s financial health. Floristry comprises flower care and handling, flower arrangements, floral design, merchandising, and flower delivery. By protecting your business, you can focus on growing your business and satisfying your customers.
Owning and operating a jewelry business may be rewarding but involves operational risks. It is important to note that damage to your inventory can have significant financial consequences. Jewelry stores are a target for theft, robbery, and safe burglary. Jewelry stores should take every precaution to avoid these risks. Burglar alarms, video cameras, relocating inventory to a safe nightly, and having hidden panic buttons like banks have are all smart loss prevention techniques to institute. Jewelers should contemplate a wide range of business insurance products to protect themselves from these and other losses. If your business makes custom-made jewelry or deals in antique heirloom jewelry, it’s possible to incur significant losses in one incident. Jewelry businesses require business insurance to protect them from liability lawsuits, accidents, and crime.
Having an administrative support service business likely means juggling many tasks at once for your clients. Various tasks arise for new companies in this industry, including planning, operations, marketing, and financial matters. The daily decisions and activities performed require insurance coverage.
Consider the scenario in which you are managing a client's schedule, and they ask you to arrange a meeting with a key prospective client. You are responsible for scheduling the appointment, but you must add it to your client's calendar. Your client is absent at the meeting when the prospect arrives. Not knowing of the error made by your business, the prospect views your client’s no-show as the company needs more attention to detail and ends up taking their business to a competitor. There has been a loss of revenue for your client, and they have sued you. A professional liability insurance policy would respond to this type of lawsuit.
It is your business's practice to provide clients with professional advice and assistance regularly. The proper business insurance protection can help you mitigate your risks. Our insurance products are tailored to the needs of your business.
Generally, answering services manage incoming phone calls on behalf of their clients. Moreover, these services may include offering a live receptionist, providing a 24x7 support line, recording and transferring calls, scheduling appointments, answering general questions, admin work, virtual answering service, customer support, and converting leads into customers.
The virtual nature of this service may lead to increased risk exposures since the employees performing the work are not directly supervised. In any business, some risks can arise at any time and in any manner. Answering service businesses are no exception to this rule. Businesses can protect themselves against various adverse outcomes by purchasing appropriate insurance policies.
As an accountant, your career has been dedicated to assisting others in identifying and reducing financial risks. As with any professional service, there is a possibility of error. The importance of accounting professional liability insurance must be balanced, regardless of whether you own or operate a large accounting firm. Accountants' responsibility is to obtain professional liability insurance that covers them against all of the specific risks associated with providing accounting services, including negligence and malpractice.
An accountant's insurance policy protects small accounting businesses and those working for them. InsuranceAdvisor.com understands the unique risks you face in the accounting industry. We offer coverage types specifically tailored to meet your needs. To protect your business, we recommend that you learn about the benefits of professional liability insurance, general liability insurance, and business owner's policy insurance for accountants. Our company offers additional types of insurance to professionals in the accounting field in addition to accounting insurance.
There are several types of bakery insurance, including commercial and home bakery insurance. Choosing the right coverage for your bakery insurance policy is essential to protecting your business from financial loss resulting from incidents such as a slip and fall accident or an employee who has suffered severe burns.
You put much effort into your work, including icing cakes or baking bread. It is for this reason that we have designed specialized insurance for bakers. Our coverages are designed to protect you against risks you may encounter in the kitchen, so you can focus on what you do best.
Any deli or sandwich shop may experience unexpected events. A customer's injury may result in a lawsuit, or equipment malfunctions may spoil your inventory. Having the right insurance will protect you against unforeseen expenses and incidents that may result in the closure of your small business. Owners of delis and sandwich shops must provide delicious food and snacks to their customers and ensure their safety while on their premises.
You should be aware that mistakes in this area can have severe consequences – illness, injury, or property damage to customers and staff can result in expensive legal claims against you. However, it is not the only risk you should consider when purchasing delis and sandwich shop insurance. Buying deli or sandwich shop insurance may be time-consuming because you must place values on your furniture, appliances, stock, equipment, and building.
You should consider general liability insurance if your lawn care business provides grass-cutting service, landscaping installation, operates heavy equipment, weeds gardens, trims trees, installs sprinkler systems, and even winterizes irrigation systems for customers.
In the same way, landscaping requires specialized tools and equipment to excel at servicing clients. An appropriate insurance policy can protect against exposures to third-party bodily injury, property damage, and personal injury. Our landscape insurance is customized to meet the specific needs of your business. You can protect yourself from general liability claims if you serve commercial customers, residential homeowners, or both. An insurance policy for a landscaper covers injuries and property damage caused by self-propelled mobile equipment, such as lawnmowers.
Businesses and contractors who install appliances assume a fair amount of risk. It is possible that an employee's back could be injured during the movement of a washing machine or other heavy appliances or that a client's home could be damaged. The cost of medical bills, legal fees, and repairs can be covered by business insurance. There may be a legal requirement for certain types of coverage, such as workers' compensation insurance. A trained technician is sent to the customer's home or office to install the appliance. The user manual only means a customer can understand how to use the product.
A home or office appliance may require more than simply plugging it into an outlet. Heavy appliances are delivered by professionals who place them in a suitable location, assemble them, connect them to appropriate gas lines, and leave them functioning correctly. Installation is usually included with the appliance purchase. A technician is assigned to the customer's location to complete the installation. Technicians and installers work with heavy equipment and electrical fixtures daily. Despite years of training, employees may still be subject to unexpected workplace accidents.
With the right insurance coverage, Appliance Technicians can protect their business against claims and lawsuits arising from accidents caused by other parties, damage to property in transit, and liability arising from installation work.
There are many health benefits associated with acupuncture, including treatment for migraines, osteoarthritis, and other chronic pain conditions. Acupuncture may also treat mental, emotional, and behavioral disorders. Highly qualified acupuncture therapists place needles carefully and meticulously on specific body parts to relieve pain, manage stress, or promote overall wellness. It is important to note that the process involves highly skilled professionals and physical contact with patients, which presents unique risks. Protect your business from insurable losses due to professional acts, premises and product liability, and damage or loss of business-owned property. Insuring your healthcare business benefits the business owner, the employees, and the public.
Entrepreneurs are exposed to business threats from the day they start their businesses. An organization is at risk even before it hires its first employee, making insurance an essential component. A liability lawsuit or a catastrophic event can wipe out businesses before they have even made a profit. Business Insurance can help a business recover from some of the dangers with the various policy types on the market. Below are the primary insurance policies a business should obtain before opening.
Business owner policies (BOPs) combine general liability, commercial property, and business interruption coverage. This policy makes small business insurance affordable because these coverages usually cost more to buy separately.
What is the cost of a BOP? The premium depends on so many variables that a cost given here will not be accurate for 99.9% of businesses. With that said, for a small business with low risk and low values of business-owned property, the average monthly cost may be around $53 monthly. An Insurance Information Institute report recommends BOPs for companies with 100 employees or fewer and revenues up to $5 million.
US Small Business Administration (SBA) recommends general liability insurance for small enterprises. All business enterprises buy this coverage to protect themselves against liability claims of bodily injury and property damage. It is sometimes called business liability or public liability (though this term is dated). The general liability usually includes coverage for Personal and Advertising Injury claims of libel, slander, copyright infringement, false arrest, wrongful detention, and invasion of privacy incidents. Affected third parties may sue an insured for damages resulting from a physical injury, having their property damaged, or mental anguish. General liability insurance will pay for the defense of these types of lawsuits for covered claims and pay the awarded damages if the case is lost. Without general liability insurance, businesses will have to pay for defense and settlement out of their bottom line.
A general liability policy is essential for all business owners, regardless of your business segment. Remember that general liability insurance rates depend on your company’s operations, values of owned assets insured, revenue, payroll, and limits purchased.
Professional businesses need professional liability insurance coverage for dealing with claims and lawsuits of negligence and financial harm to clients. Professional liability, also called Errors and Omissions Liability insurance, is not one-size-fits-all. An industry-specific policy will address the concerns specific to that industry.
Typically, E&O insurance is purchased by professional service firms to protect them from claims of financial distress incurred by their clients. However, Professional liability insurance for the health care industry is referred to as Malpractice Liability insurance. Only Medical Malpractice insurance covers bodily injury resulting from health care services performed for covered incidents. All other industries’ professional liability insurance only covers third-party financial losses.
Professional Liability coverage is also crucial for architects, engineers, accountants, lawyers, real estate agents, financial advisors, and business consultants. Depending on the industry and profession, professional liability insurance costs will vary. With similar revenue and payroll, an accountant pays less premium for professional liability than a doctor pays for malpractice insurance.
A business's insurance program should include workers' compensation once the first employee has been hired and before they start the job. Though your state may not require a workers’ compensation policy if you have one employee, what gets missed in this scenario is that if you don’t buy a policy, your business will be liable to pay all workers’ compensation benefits required in your state. When your company has a workers’ compensation policy, an employee's medical treatment, disability, and death benefits will be covered.
Worker's compensation insurance is recommended for all businesses. Most states require a workers’ compensation policy when an employer has a certain number of employees.
Your business needs commercial auto insurance for company owned cars, trucks, and vans used for business purposes. Personal auto insurance policies may exclude coverage for business use of vehicles. Check your state’s automobile insurance and financial responsibility requirements to operate vehicles on public roads. Usually, the state-required limits are not nearly enough to cover potential liability for bodily injury and property damage when at fault for an accident with injuries. Without business auto insurance, damages would have to be paid if your business is negligent for the accident, which could be very costly.
Employees who use their personal vehicles for your business operations should have their own personal auto insurance. While driving for your business, your business could be liable also for accidents they cause. You can add Employers Non-Owned Auto Liability to extend your business auto liability to cover over and above the employee’ personal auto coverage. The business’s auto becomes excess over the primary personal auto insurance held by the employee. Therefore, if renting a vehicle for short-term business use, you may purchase hired auto liability insurance on your business auto policy instead of paying the high cost of collision damage waiver from the rental company. Adding both, Employers’ Non-Owned and Hired Auto Liability to a commercial auto policy ensure your business is covered in these situations.
Businesses should always consider a commercial umbrella to provide an extra layer of limits when the primary general, auto, or employers’ liability policy limits are exhausted by paid claims during a policy term. Umbrella insurance provides additional liability protection once you reach your liability limit on an underlying policy. Commercial umbrella policies can be excess over general liability, employers’ liability, and commercial auto liability coverage.
Most umbrellas require underlying limits of $1,000,000 on all policies for which it is excess coverage. Your business liability policy covers only $1,000,000, but it's sued for $1.5 million. The umbrella would cover the $500,000 on an excess basis for covered claims. An umbrella policy's cost depends on the coverage limit you choose and the premium and exposures on the underlying policies. Each $1 million coverage layer usually has a minimum premium of $1,000 annually.
Inland marine insurance aims to protect your business property and equipment no matter where it is located when a loss occurs. An example is when the property is in transit, at a job site, or stored away from your primary business location.
Business property insurance provides coverage for owned assets at the physical location listed on the policy, leaving gaps in coverage for mobile property that inland marine insurance fills. Commercial property coverage is limited to property within 1,000 feet of your building. Property in transit, laptops taken home by employees, or contractors’ equipment at a job site must be insured on an inland marine policy.
Insurance for small businesses is an aggravating expense; you could call in a necessary evil. Still, when something goes wrong, you will be highly thankful for it. You may make a mistake or have an accident, despite your best efforts, and you may be sued and found liable for damages. Even if you win, legal fees are substantial and unaffordable for most businesses. Sometimes, a single claim could wipe out your company's earnings for a year or even your personal finances, depending on your business entity type. Many operational risks can be mitigated with small business insurance.
A client’s contract, a lease contract, or even a business loan requires some line of insurance coverage. It may be beneficial for your business to have adequate insurance to compete with other companies in your field. Proper insurance will also give your clients a sense of security, even if they do not require coverage.
Although the cost may seem expensive, the peace of mind given by knowing that you are covered in the worst-case scenario is priceless. One lawsuit would cost your business more than the general liability or professional liability premiums paid over several years. The insurance carrier will respond to claims so that you can focus on growing the business.
Business Insurance incorporates various key insurance types to protect your business. Multiple factors determine the cost of these policies, including policy choices, location, and details about your company, such as annual revenue and payroll. After assessing your business’s risk factors, you are better equipped to know the types of policies your business should buy.
Every small business insurance policy is different. Your company may not need the same liability insurance policy as another business. A business owner's policy includes liability and property coverage, so it's an excellent place to start. Your business can benefit from a BOP if it:
Businesses get insurance coverage to protect themselves from financial liability arising from everyday business activities. Companies need insurance to cover various risks, such as property damage and legal liability. Most states require small business owners to carry some form of insurance. Even the most careful person can experience an accident. Coverage that makes all the difference in your business’s survival can often be found in the right policies.
Yes, if you are located in a state where we are licensed, we can help you find the right business insurance coverage. We have agents assisting small business owners nationwide. Click here to view the states where we are licensed. So, if you're looking for more information about business insurance or something related to your state's insurance requirements, contact us by phone or email.
By now, you should see the benefits of getting the appropriate business insurance and be convinced it is worth the investment. Small businesses should be covered regardless of size, industry, or profession.
Furthermore, you are now equipped with enough information to select the small business insurance coverage your business needs. Ensuring your business is covered against many potential risks requires you to assess your business’s risks and work with an experienced commercial insurance agent to identify the most relevant and appropriate insurance policies.