Insurance Policies for Small Businesses: What You Need to Know

Running a small business is no easy task! Webb Insurance Group understands that you want to make sure you’re putting your best foot forward to expand your business while also protecting it. Depending on what your business does and which state you’re located in, there are a couple of things to keep in mind that can help keep your business safe. Without the right type of insurance policy, you may have to pay out of pocket for any claims you make, severely impacting your small business. That’s why Webb Insurance Group is here to help by providing you with all of the necessary information to keep you and your business protected!

1. General liability insurance is a must for any small business. It helps protect your business from property damage or bodily injury. Say for instance that a customer comes in, trips, and hurts their ankle. This type of insurance will help cover their medical expenses. Similarly, we recommend also purchasing general liability insurance that includes product liability insurance, which will protect you from property damage or bodily injury from any damage your products cause. Learn more about this type of insurance here. 
2. Professional liability insurance helps cover any mistakes related to your professional services, such as if your accounting firm makes a mistake on a client’s financial records. This type of insurance can cover the cost of legal fees and is also known as errors and omissions insurance, or professional indemnity insurance. 
3. If your small business is having issues recovering lost income due to a covered indecent that causes you to close for some time, we recommend business income insurance or business interruption insurance. For example, if there is a fire and you must close for repairs, this type of insurance will help pay your lost income. 
4. Commercial property insurance is essential for any small business, as it helps protect your business property such as furniture, tools, and equipment, from damages. If anything were to happen, it will help cover the cost of those damages. Learn more about it here. 
5. To provide adequate benefits for your employees, look into workers’ compensation insurance. If your employees were to become sick or injured from their job, this will help cover their medical expenses. In most states, this type of insurance is required. Read more about it here.  
6. If you or any of your employees are driving a vehicle owned by your small business, Webb Insurance Group strongly recommends purchasing commercial auto insurance. This will help cover the cost of any damages if there happens to be an accident. Find more information here. 
7. Regardless if you’re working with confidential information during your day-to-day at your small business, purchasing data breach insurance is highly encouraged. It includes the cost of alerting your customers and employees if someone were to hack your small business’ network and steal credit card numbers, potentially saving your business’ reputation. 
8. Commercial umbrella insurance can provide you with added protection and extra coverage if a claim against your small business is higher than your policy’s limits. This type of insurance can work in unison with general liability insurance, mentioned previously. For example, if a customer severely injures themself while at your place of business and their medical bills surpass what your general liability insurance covers, commercial umbrella insurance will step in to help cover the rest of the costs. Webb Insurance Group provides more information here. 
9. Employment practices liability insurance, or employers’ liability insurance, helps protect your small business from any claims of discrimination and wrongful termination, among others. If an employee were to file a lawsuit against your small business for harassment, for example, this type of insurance will help cover legal fees. 
10. Lastly, a business owner’s policy (BOP) is one the most popular types of insurance as it includes general liability, property, and business income coverage insurance. Webb Insurance Group highly recommends this so you have most of your bases covered under one insurance plan. 

Purchasing insurance for your small business is one of the most important decisions to make as it could save you from large expenses in the long run, and help save your small business if anything were to ever go wrong. This investment could make all the difference between saving your small business or going under. To learn more about Webb Insurance Group’s commercial insurance services, click here.