As small business owners, it is important to understand the various types of small business insurances needed in order to protect your business from accidents and other unforeseen claims that could have a negative impact on your business. With that said, the team here at Tax Alternatives want to take this time to acquaint our many small business owner clients with the wide range of varied insurances that may be pertinent to their small businesses.
SMALL BUSINES INSURANCES
- General Liability Insurance (GL Insurance) – Liability insurance is one of the most important insurances that every business must have. It protects business owners from harm or damage that occurs to third parties as a result of your services, your employees or your products. Potential liability claims can include anything from property damage, bodily injury, slander or libel. General Liability Insurance is an absolute must do for every small business owner.
- Property Insurance – If your small business includes a building, or a business property, then property insurance is something you must consider. Property insurance will protect your computers, equipment, office furniture, office equipment and even your tools or hardware that may be impacted as a result of a severe storm, a fire, theft, or vandalism to name just a few occurrences. Often times property insurance will cover the cost to repair or replace items that are damaged or destroyed.
- Workers Compensation Insurance – Once you have hired your first employee, it is imperative that you invest in workers comp insurance. WC insurance provides you with a safety net of sorts should there be a slip and fall that occurs or a medical condition of any type that impacts your business and employee work performance. This insurance provides your employees with coverage needed while they are unable to work.
- Professional Liability Insurance – This insurance type protects your company from services that are improperly rendered, misrepresentations, false advice, and negligence claims to name a few. Every small business will have their own unique coverage specific to the type of business. PL insurance also protects you from having to pay hefty legal fees.
- Product Liability Insurance – This insurance is necessary if your business manufactures any product that can be sold on the market. Although your intention is to design and manufacture safe products, there are times when accidents occur as a result of a product.
- Data Breach Insurance – In today’s world, data breach insurance is essential for all businesses that store very confidential and sensitive information on their business computers, in files, or on their servers. Confidential data may be specific to the business itself or even to employees, including their birth dates, addresses and social security numbers. This insurance is ideal for defending you against business identity theft or fraud and is definitely an insurance policy you want to be certain to have in place.
- Lastly, Business Owner’s Policy (BOP) – A BOP package is an option that includes a basic collection of some of the insurances listed above, such as property insurance, liability insurance and Data Breach insurance. It is a cost-effective way of investing in insurances needed without having to purchase each of the small business insurances separately. It may be the ideal option for you. Be sure to work with an insurance provider to determine the best insurance bundle package for your small business.
COMMITMENT AND DEDICATION FROM THE TEAM THAT CARES
Here at Tax Alternatives we are committed to providing only the highest-quality products and services to all our valued clients. We thought it beneficial to our clients, who are always our number one priority, to provide the insight above on small business insurances to assist them in their important decision making with regard to purchasing the appropriate insurance. We take pride in our top of the line services we offer our small business owners and are on hand to assist with any of your small business needs. Simply give a shout out to one of our team and schedule a free consultation if your small business is in need of our top-rated yet affordable services. Don’t delay. Contact our team today!