Time to Safeguard Your Business: Insurance Coverage
Safeguarding your small business might seem like a given. But knowing how to do that properly might require a little time and attention. Some companies have specific situations that require particular types of insurance coverage.
That’s why getting the right level of coverage is something that experts agree you may need help with. Small business owners can begin by assessing their needs as they pertain to employees’ daily activities and procedures. Documenting as much information as possible will provide the groundwork for understanding key roles and people and what scenarios may arise when conducting business.
A June Inc. article, offers four tips from the insurance pros to get you covered:
1. Work with the Right Agent
Get recommendations from friends and business networks prior to signing up with an agent. Working with an agent is an important first step and it’s important to find the right one. In fact, getting a recommendation from a business associate in an industry similar to yours will help you find an insurance professional who understands the challenges your company faces.
2. Cover all Your Bases
If nothing else, a business needs general liability insurance to get protection from most general types of damages like customer bodily injuries to libel. It’s one of the most inexpensive types of coverage and a great first step. But remember to have some of those hard discussions with your agent to determine if you need additional amendments called riders to be protected from situations specific to your company.
3. It’s Okay to be Small
As a start-up or small business, a business owner policy may help you sleep better at night. You will get general liability protection, plus a few other coverages important to not only your company, but also that limit a business owner’s personal liability as well.
4. Retool as Necessary
Insurance needs can change as your business grows and expands. If you’ve added employees and property from year to year, you may need new policies to better meet the needs of your employees and provide continued protection for your business. Plus, communicating your types of coverage with employees lets them know you value them and the business.
- Got employees who drive company vehicles? Look at Commercial Auto Insurance.
- Got employees who drive their own vehicles during business hours? Consider Non-owned Auto Liability coverage.
- Store customer data like social security numbers, birthdays, addresses? Time to think about Cyber Risk Insurance.
- Headed to a Trade Show? You may need Trade Show-Specific Liability Insurance to cover employees, volunteers or visitors to your booth.
Source: Inc. Got Your Covered. June 2017. PP58-59.