Do you feel confident in your current business insurance policy? If you are unsure which coverages are included in your small business insurance policy; you are not alone. It’s common for many small business owners to simply choose the basic insurance requirements when first starting their companies. But often, as businesses grow and needs change, they find that they don’t have adequate protection against industry-specific risks. Luckily, with the help of our knowledgeable local agents in Minnesota, you can rely on a comprehensive business insurance policy that has been tailored to fit your unique needs. Keep reading to learn more about the business coverages that you should have and special coverage options that can give you increased peace of mind.
What Type of Insurance Coverages Should My Business Policy Include?
Every small business owner should have an insurance policy in place that offers protection against everyday risks. But what are those foundational insurance coverage options? As a good rule of thumb, most small business insurance policies should include a few essential coverages, such as:
General Liability Insurance
All good insurance policies begin with liability coverage. General liability insurance is designed to protect your business if you are involved in a liability claim alleging that you are responsible for bodily injury, property damage, libel, or slander to a third party. Under a covered event, your general liability insurance will likely cover the cost of your legal fees and payout any damages or settlements awarded in a claim.
Workers’ Compensation Insurance
Whether you have ten employees or 1,000, you need to invest in workers’ compensation insurance. With this important coverage, you can avoid paying out-of-pocket for employee injuries and make sure your employees have the care they need after an accident at work. Workers’ compensation insurance works to cover the cost of employee medical bills, lost wages, and even death benefits following a work-related injury or illness.
Commercial Property Insurance
While many small businesses start in the home, many companies need additional space to grow. If you own or lease a building for your company to operate from, commercial property insurance is needed to protect the building, your tools and equipment, furniture, and inventory after a covered event or natural disaster.
Business Interruption Insurance
Also referred to as extra expense insurance, business interruption coverage works to cover any lost income when you have to shut down operations temporarily. For example, if you have to close your doors while making repairs after a building fire, business interruption insurance will likely provide coverage for lost income, employee wages, and other associated expenses.
Additional Insurance Options
Some other common business insurance coverage options include:
- Cyber Security Insurance
- Commercial Auto Insurance
- Professional Liability Insurance
- Commercial Umbrella Coverage
Contact Krog Insurance Today
Don’t get caught without the right level of insurance protection for your business when you need it the most. Instead, you can build a reliable policy that is tailored to meet the specific needs of your small business. Want to learn more about the benefits of investing in comprehensive insurance for your small business? Contact our trusted independent agents at Krog Insurance today, and be sure to request a free quote.