Owning a business is a rewarding experience. Being self-employed means that you don’t have to be tied to the standard 9-5, you are in control of your career, and your ability for growth is endless. In 2017, more people are starting their own business as they want to feel that sense of autonomy. However, as new business owners get excited about seeing their business flourish, it becomes easy to ignore certain aspects of business that are very integral to its success, such as insurance. Operating without the proper insurance can do more harm than good. With that being said, here are 3 types of Insurance for Business Owners:
If your business operates in a facility, having property insurance is going to be top priority. Property Insurance covers your property from incidents such as, fires, water damage, and natural disasters. Another great benefit to property insurance is that you could possibly get operating funding if your facility is damaged.
Workers Compensation Insurance
A growing business usually entails employees. Once you start hiring employees for your business, it’s going to be time to think about getting workers compensation insurance sooner than later. If an employee gets injured on the job, you want to make sure your employees are covered. Having this type of insurance is required for all employers. Workers Compensation Insurance will ensure that your employees have medical, disability, survivor, and rehabilitation benefits.
Small businesses work with new people constantly. Unfortunately, this increases the risk of being sued by customers for any reason. If someone claims that you have caused harm to them, and it is a result of a product or service that you have sold to them, you will want to have liability insurance to cover you in these instances. Liability Insurance will pay for damages, lawyer fees, and other expenses that will save you money in the long haul.
Having a business is great, but being prepared for your business is better. Anyone that is in business or is starting a business should be thinking about the type of insurance they need. It will save you money, reduce stress, and pave the way for a successful business.
If you would like to learn more about the right insurance for your business, feel free to contact us with your questions, comments, or concerns.