Business insurance protects companies of all sizes from the unexpected costs associated with running a business. There are so many things that go wrong, from lawsuits to fires. At the very least, general liability coverage is always recommended for businesses. But it doesn’t cover everyone. Every company has its risks. There is no one best business insurance for small business. What’s suitable for other companies in your industry might not be right for you.
Before you get started looking for quotes, one of the very first things to do is take inventory of all of your business assets, including the property, products, equipment, etc. and come up with an estimate of how much everything will take to repair or replace.
Also, consider all of the potential risks businesses like yours face. What kinds of lawsuits would you be vulnerable to? What is the weather like where your business is located? What about the facilities where your products are stored? Is there a high crime rate in the area where your office or store is located? Suppose you do most of your work online. Is there the possibility you could be sued for copyright infringement or plagiarism? What if your computer gets hacked and your client’s information is all stolen?
The best business insurance for small business will be tailored to protect you from all of those potential risks. Keep the estimated about of money you will need to repair/replace damaged items or property in mind when evaluating quotes.
Best Business Insurance for Small Business With Employees
If you have employees, it’s a good idea to have some workers’ compensation insurance. Suppose a vehicle is ever used in any capacity for your business operations. In that case, whether it’s making deliveries or going to meet clients, commercial auto insurance is also essential.
- A general liability policy covers the following:
- Claims or lawsuits against your business due to death, injury, slander, medical expenses, etc.
- Any damage that your business is believed to have caused to any third party or their property
Errors and omissions (E&O) is a type of business or professional liability insurance designed to protect employers and employees against clients’ allegations of inadequate work or negligence.
You don’t necessarily need to have a company to consider getting the best business insurance for small business. Self-employed professionals might want some liability protection. If you’re involved in contract work, any client you perform work for might already has insurance for you. Find out what you will be responsible for.
Whatever company you have and the risks and needs associated with your business, you can start looking for the best business insurance for small business at Hiscox. All you have to do is look for the custom options for businesses of your type and fill out a form for a quote.