Insurance for Small Businesses – Overview
Managing your business on a day-to-day basis can be a challenge. You need to market your company and sell products and services to clients. As a manager, you may responsible for numerous employees. You must oversee your firm’s finances and budget for future expenses. You may need insurance coverage to protect your assets and oversee your business.
To properly insure your business, you may consider several types of insurance policies: general liability insurance, professional liability insurance, employment practice insurance, life insurance and property insurance.
A business should consider a general liability policy. This policy can protect your firm against customers or employees who believe that they have been injured at your workplace. This is particularly important if clients visit your storefront or offices. If a customer slips and falls outside of your office, they may pursue legal action. A general liability policy can help address this legal liability.
When you sell a product or service, your clients may rely on your advice and expertise. This is particularly true of service-related businesses, such as law, medicine or accounting. You may have a need for professional liability insurance. This policy can protect your firm, should a customer pursue litigation against you after relying on your advice.
Main street businesses typically fall within the following categories:
- Store owners
- Salon Owners
- Frozen yogurt shops and ice cream parlors
- Convenience stores
- Carpet cleaners
- Dry cleaners
- Art galleries
Working With Employees
Managers may spend a great deal of time hiring, managing and evaluating employees. To protect the firm’s assets, many businesses obtain employer practices liability insurance. This policy can protect you against legal actions by workers. These might include wrongful termination, discrimination or harassment.
Your business may require a large investment in assets. If you own a restaurant, for example, you may invest in cooking equipment, furniture, fixtures and signage. A commercial property insurance policy can protect these assets from damage or theft. You need these assets in good working order to run your business. A property insurance policy can help you keep your business up and running.
If you or a key employee passes away, it may take time for your firm to restructure and keep moving forward.
Life insurance may help address this issue. You can consider a life insurance policy on the life of a key employee. The business is the beneficiary of the policy. If the key employee passes away, the insurance proceeds can help the firm pay expenses while the company restructures.
To determine if any of these policies are right for you, consider these questions:
•Do you have an office or other location that your customers visit?
•When purchasing a product or service, do clients rely on your expertise or advice?
•Do you employ and manage employees?
•Does your business have a large investment in equipment, machinery, technology or other expensive assets?
•Do you have key employees who are critical to the ongoing success of your business?
If you answered yes to some of these questions, consider speaking with Fusco & Orsini. Our firm can apply their years of insurance experience to your unique situation. They can tailor a set of insurance solutions that fit your needs.