Careful planning and a lot of hard work got you and your business this far. Shopping for small business insurance should be simple and straightforward, because you have other things like deadlines, materials and employees to worry about.
Protect what you have accomplished and choose the right insurance for your small business with four steps.
Assess your risks.
Think about what kind of accidents, natural disasters or lawsuits could damage your business. If you need help preparing for emergencies, the SBA has information for creating a response plan. A response plan may help you determine risks, so every aspect of your business is covered.
Contact a Huttenlocher Group insurance agent.
Commercial insurance agents can help you find policies that match your business needs.
Let us shop around for you.
Prices and benefits can vary significantly. You should let us compare rates, terms and benefits for insurance offers from several different carriers. Independent agents work with multiple insurance carriers. We can work with you to tailor a custom policy and make sure you have the right protection.
Re-assess every year.
As your business grows, so do your liabilities. If you have purchased or replaced equipment or expanded operations, you should contact your insurance agent to discuss changes in your business and how they affect your coverage.
What kind of insurance does a small business need?
The federal government requires the following types of insurance for small business:
Disability insurance coverage
Additionally, some states may have further requirements. Fulfilling these obligations is a good start, but don’t forget that unexpected costs can arise for your business.
It’s a good idea to protect against any peril that you can’t afford yourself. This may include things like lawsuits, natural disasters, fires and accidents. The SBA says, “Speak to insurance agents to find out what kinds of coverage makes sense for your business, and compare terms and prices to find the best deal for you.”
Ask about additional insurance specific to your business.
Consider asking about what types of additional coverages are available for your specific business. Many insurance companies offer a variety of coverages bundled together and sold as a package. They are often referred to as “plus packages” and are typically less to purchase than each coverage individually. Some coverages that are included in these packages:
Water back up from sewers and drains
Outdoor property (such as fences, trees or shrubs)
Business income and extra expense
Even small businesses can benefit from having Employment Practices Liability (EPLI) coverage. This covers wrongful termination, harassment, discrimination and failure to promote. There are even coverages that extend to the unique needs of your profession such as professional liability. Some professions that may want this coverage include barbers, beauticians, optometrists or funeral directors.
Another important coverage for all businesses to consider is an umbrella policy. An umbrella policy can increase your liability limits and may be required when doing work for other companies.
Your business is unique and deserves the proper coverage. Following the four simple steps and speaking with an independent agent can ensure that it is properly protected for years to come.