Insurance For Small Businesses
Without the investment of local business owners in the economy, who would be there to better the community? Small businesses are the foundation and lifeblood of local the economy. Furthermore, small businesses bring innovation to increase efficiency in our evolving world.
Do I need small business insurance?
Being a business owner comes with many risks. Why add to the unnecessary stress by having to worry about an exposure that commercial insurance can protect?
Why stress with insurance? Daigle & Travers can help you navigate the confusing world of business insurance.
There are many types of insurance policies and each help coverage different aspects of your business. Therefore, there are a few things to keep in mind when initially considering shopping for insurance for your small business.
What type of insurance do a need to start my business?
Business Owner’s Policy
A business owner’s policy (better known as BOPs) is a flexible insurance plan that adapts and caters to the needs of your company by combining multiple types of coverage into a single policy.
A BOP comprises a few standard coverages such as:
General Liability protects your company and assets from third-party claims and lawsuits. Moreover, this coverage helps protect against a wide range of claims involving injury or damage to property. Without general liability, you can certainly face high legal and compensatory costs if someone is injured or something is damaged in relation to your company.
Commercial Property includes two major types of property coverage: Business Property and Additions and Alterations Coverage. Business Property includes inventory, desks, computers and other items purchased to operate the business that aren’t bolted to the floor. On the other hand, Building or Additions and Alterations Coverage protects you against loss from damage to your building (if you own the builder) or for betterments you have made to your unit if you are a renter.
Business Interruption Coverage protects the lack of income following disaster.
These policies can also offer much broader coverage and they are constantly adapting the meet the needs of their consumers. Business Owners policy can be one of the most cost-effective ways for a small business owner to secure a range of coverage for their business and makes a great first policy.
Do I need Workers Compensation Insurance?
Once you have your BOP and start your business, you may feel it’s time to hire your first employee. This is an exciting and stressful time for a business owner. With employees come new insurance requirements. The first requirement is Workers Compensation Insurance.
Workers Compensation Insurance
Workers’ compensation is required by law, and the penalties of having employees without a workers’ compensation insurance policy are extremely steep. Not only does the law require it, but it’s a critical layer of protection. Workers’ compensation provides coverage for workers who are injured on the job, in other words, it protects you and your business from potential lawsuits that could be filed by employees.
In state like New York and New Jersey, if you do not have workers compensation in place when paying your staff, the state can fine the business owner up to $600 a day for not carrying coverage.
Do I need Umbrella Insurance?
To further minimize risk and protect your business’ future, consider adding an umbrella insurance policy.
Umbrella insurance is just like it sounds, it is a protective insurance layer that sits on top of your other liability policies to provide your company with additional resources to cover losses if your other policies do not cover the full amount of a claim. The umbrella insurance policy helps prevent major financial losses due to claims and lawsuits, and it helps you and your company protect assets.
For more information reach out to Daigle & Travers Insurance. We have three convenient locations in Connecticut: Wilton, Darien and Westport. One of our many experienced insurance professionals will be able to guide you through the insurance process. Reach us at 203-655-6974 or at firstname.lastname@example.org