Setting up a business requires years of planning, investments, and dedication. Sometimes unforeseen events such as natural calamities, social events, and unexpected drop in sales can negatively impact your business.
To ensure that your business is on track and can survive the difficult times, you must be careful about your
business insurance policies. A small business may need several insurance policies to protect their staff and business liability, which include:
Liability Insurance Policies
There are two types of liability insurance policies, which are general liability and professional liability. Both of these are essential for a small business.
Defamation, slander, medical expenses resulting from injuries to employees within the workplace, and other legal fees are covered under the general liability policy.
A professional liability insurance policy protects you from claims of failed or incomplete services, negligence, etc.
Insurance Policies for Employees
Workers' compensation insurance coverage for small businesses is essential to ensure that employees get financial assistance for medical expenses resulting from workplace mishaps. This insurance also provides financial coverage for failed wages and can defend the owners from several workplace-related lawsuits.
Unemployment insurance and health insurance are also important to attract, retain, and protect your employees.
Property & Interruption Insurance
Office buildings are essential for businesses, and damage to the building, furniture, or equipment inside it may be difficult to repair or replace. That is why a small business owner needs to have property insurance. Interruption insurance will help in situations when you are unable to open your company due to renovation, pandemic situations, or other roadblocks.
Life Insurance
Among several business insurance policies, life insurance policies deserve a special mention. When a key person is unable to work, a life insurance policy will ensure business continuity. There are other business insurance policies available to protect the board of directors and other company officials.
Cyber Insurance
Loss of data and ransomware or malware attacks can affect business. A small business owner should have a cyber insurance policy to protect their business from these risks. Choose a cyber insurance policy that covers accepting digital payments and processing credit cards.
Umbrella Insurance
Having umbrella insurance is an added advantage, as it will cover medical bills, legal costs, and damage expenses that your standard policy may not cover.
Buy the insurance policies that you need and ensure the safety of your business and employees. Contact the experts at
Fuller Insurance in Southern California for all your insurance needs.
