Starting a small business isn’t for the faint of heart. It starts with a dream but only becomes a reality through the continued passion, hard work and resilience of the dreamer. If you’re in the process of officially starting your own small business and want to make sure your operation is protected, here are five ways commercial insurance can help.
Looking Out for the Dream
One of the reasons you felt confident in starting your own small business was because you believed you had what it took to run a business successfully. But being a small business owner isn’t the siesta people think it is. Small business owners take on a financial risk that common employees simply don’t have to worry about, in addition to the idea of a work-life balance completely diminishing.
But you’re determined; ironclad in your pursuit of making your dream a reality. As you begin to officially launch your small business, you’ll want to be aware of these five ways commercial insurance can protect you.
General Liability Insurance: The most common form of commercial insurance, this insurance type protects your business if a customer/client has suffered bodily injury or property damaged as a direct result of using your business’s services or product or while on your business premises.
Business Property Insurance: This insurance coverage type provides monetary protection to business owners when the contents inside their office or store (e.g. furniture, electronics, inventory) have been damaged, lost or stolen.
Cyber Liability Insurance: This insurance coverage type covers property and liability losses as a direct result of electronic business engagement, including collecting data and selling products on the internet using an internal electronic network.
Professional Liability Insurance: Also referred to as Errors and Omissions (E&O) or Professional Indemnity Insurance (PII), this insurance type protects you, the policyholder from bearing the full brunt of legal expenses should you be sued by an unhappy client for services provided (or failed to provide).
Commercial Auto Insurance: This coverage type protects you and your business from physical damage to your company’s commercial vehicles as well as property damage and bodily injury-related costs sustained by others in an automobile accident caused by an employee operating one of your company’s commercial vehicles.
Small business insurance can help protect your business from unforeseen circumstances. Take no chances, find a small business insurance product that’s right for you. To find excellent and cost effective insurance, give us a call at 800-460-6467 or compare quotes with CoverHound today!