Recently updated on October 25th, 2022 at 11:29 am
Small business establishments accounted for around 40% of work fatalities across different sectors.
Is one of your greatest fears as a business owner an on-site accident like this?
Your anxiety around this hardship is valid as businesses often become too focused on profit and growth over company safety. That means you should focus on getting insurance to protect yourself, your employees, and your property. For this, you need to find the best insurance broker who is capable of providing coverage for the loss.
Continue reading our guide on how to get coverage for your business ASAP.
1. What Policy Types Cover
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Business insurance tends to be a forgotten yet crucial part of building your company. However, company safety becomes a necessity across different types of needs.
The first step in choosing the best insurance is understanding what you may need to remain safe.
Coverage plans range from basic to comprehensive and cover everything from employees, property, and business liability. Policy options could cover:
- Long and short-term disability of team members
- Employee health insurance
- Product liability
- Property coverage
- Workers compensation due to injury
- Transportation coverage for business vehicles
- Life insurance
As a business owner, you want to figure out what is essential and necessary for your company. Further, reviewing your plan and needs over time is key to ensuring your business grows.
2. Understand the Coverage Options
Many coverage options exist for a variety of different needs. But various business insurance plans are available to meet your needs.
General liability insurance is a fantastic place to start for your company’s safety. This coverage protects you in case of a lawsuit from damage inflicted on another entity.
Professional liability insurance covers your business in case of customer lawsuits.
Worker’s compensation insurance allows your employees to receive wages after undergoing injury or illness on the job. This can also help cover their medical bills to upkeep health and safety.
Business owner’s insurance combines both general liability and property insurance, meant to cover business property damage. Other popular coverage options include commercial auto insurance for company vehicles and cyber insurance to guard against cyberattacks.
3. Find an Agent that Cares about Company Safety
Looking after your company’s safety can quickly become overwhelming. Your schedule as a business owner is already full of making critical decisions for business growth and longevity. This is why finding an insurance agent you trust impacts your health and safety.
Insurance agents take the work of shopping around for policies off your shoulders. They also help you identify the priority areas to find coverage options that fit the needs of the business.
Want to commit to one insurance company? Use their agents, also known as captive agents, to help you build a plan and get the best deals.
Open to any company with a good deal and strong coverage types? Employ an independent agent who can shop around different insurance handlers without commitments.
4. Pick Your Reliable Business Insurance
Choosing the best insurance for your business can be a hefty task, but you deserve to know your business, employees, and property are covered. Put company safety first by identifying what types of cover and what policies meet your priorities. An agent can also support these efforts.
Looking to become a more knowledgeable entrepreneur? Read our articles to learn new skills and understand the ins and outs of running a business.
Levi Armstrong
•2 years ago
It’s good to know that an insurance agent will take the stress of shopping around for business insurance policies off my shoulders since they will take care of all of it. My friend and I plan on opening our own design and tech firm soon. We know we need to get business insurance for our new business venture, so I’ll follow your tip and start looking for a reliable agent. Thanks.