Insurance for Main Street Businesses
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 be 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 manage your business.
To adequately 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 injured customers or employees at your workplace. General liability is significant 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. Advice and expertise are particularly true of service-related businesses, such as law, medicine, or accounting. You may require professional liability insurance. Professional liability 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:
Frozen yogurt shops and ice cream parlors
Working With 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 significant investment in assets. For example, if you own a restaurant, you may invest in cooking equipment, furniture, fixtures, and signage. A commercial property insurance policy can protect these assets from damage or theft. It would be best if you had 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.
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 significant 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 its years of insurance experience to your unique situation. They can tailor a set of insurance solutions that fit your needs.
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