December 20, 2021

What Kind of Insurance Should My Small Business Have?

You have a small business, and you’re proud of what you do. You’ve put a lot of thought, money, and time into your business, and it’s taken you a lot to get to where you and that is why you should protect it. But the truth is maybe you’re unsure on which kind of insurance you should use to protect your business.

This is a problem and a question that many small business owners have. Thankfully, we’re here to give you a little bit of advice and let you know at least which insurance policies you should be considering. This is information that you should be comfortable with asking about and making a decision over. But you also have to know which ones are available for you to choose from.

Texas Insurance Agency assists small businesses just like yours with knowing their insurance options. And we also assist with protecting their businesses the best way we know-how. So, take the time to read about some of the many insurance policies available for you to use. If you have any further questions about your options, you can schedule an appointment with an insurance agent.

What Kind of Insurance Should My Small Business Have?

Choose the kind of insurance that will protect your small business.

Kinds of Insurance Your Small Business Can Have

In all honesty, there are many types of insurance policies that your business should have. But there is a handful that we believe will be great for a start.  These types of insurance policies include:

  1. General Liability Insurance
  2. Professional Liability Insurance
  3. Commercial Property Insurance
  4. Worker’s Compensation
  5. Commercial Umbrella Insuarnce

Each of these policies protects your business in ways that you may or may not have thought of. And the great thing about each of them is you can start out with using it for a couple of months, and when you’re ready to commit full time, this is something you can do.

Let’s dive into each one and look at how they can be beneficial to you.

General Liability Insurance 

By getting general liability insurance, you’re protecting your business from all the basics. This insurance protects your business from injury claims and can take care of that person’s medical bills. In addition to this, you can add on product liability. This protects you from any claims that your service or products harmed a customer.

In particular, this insurance helps save you money. Lawsuits and medical bills can be quite expensive. Having to pay out of pocket for any of those can make a dent in your business’s finances. So, consider first getting general liability insurance.

Professional Liability Insurance 

Sometimes mistakes happen, and when these happen, you want to make sure that your business is covered. This is what professional liability insurance does for you. If a part of your business makes a professional mistake and someone sues, then your business is protected. This type of insurance takes care of the legal costs and holds responsible the third party that made a mistake.

Commercial Property Insurance 

Your business may be in a rented space or property, or you may own that space. In addition to that, you have equipment that you use on an everyday basis that makes your business run smoothly. All of these are part of your property, even if it is rented. If something were to happen to your space or the equipment your use, it would be hard to continue running your business as usual.

With that being said, commercial property insurance protects all that you have. Suppose there is a break-in and thieves take your equipment or break something on the property. You don’t have to think about fixing or replacing it out of pocket. Commercial property insurance takes care of this and pays to replace missing items and repair your property.

Worker’s Compensation 

A large part of running your business is the employees that work with you. If something were to happen to them, like say they were ill or injured, it might make things harder. Worker’s compensation is a great way to provide benefits to your employees just in case they are sick or injured. It can help them pay for any medical costs until they are okay to come back to work.

Commercial Umbrella Insurance 

Sometimes your general liability insurance might not be able to cover everything if the costs are too much. In this case, you don’t want to be thinking about pulling out of pocket for anything. Commercial Umbrella Insurance is there to take care of any other extra expenses. It’s a great way to extend the coverage that you already have.

 

Take into consideration this list, and when you’re ready to speak to an insurance expert, call Texas Insurance.

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