Now that you’re in the process of setting up your small business, you need to think about insurance coverage (among many other things). Read on to learn about some insurance options you may have overlooked.
Commercial Property Insurance
If you own or rent a space for your business, then you need to cover it with a commercial property insurance policy. This way, you’ll be paid if your business is damaged by severe weather or fire, or if someone breaks into your building and steals equipment or inventory. Depending on your location, you may also need to purchase special policies like flood insurance.
Business Income Insurance
Business income insurance works over and above your commercial property insurance to replace lost income if disaster should strike and you must shut down to recover. With the money you receive under this policy, you can pay your employees, mortgage or rent, loans and taxes at the very least. You might not be making a profit, but you would be less likely to fall into the red.
Workers’ Compensation Insurance
Workers compensation insurance Woodbridge VA covers expenses if any of your employees are hurt on the job. You are covered for lost wages, medical bills and even funeral costs. This kind of insurance is actually mandatory in most states, so make sure you know your state’s law.
Professional Liability Insurance
Unsatisfied customers are usually just a part of business, and you try to please them as best you can. But if someone accuses you of making a major mistake in your services and sues you for it, professional liability insurance can kick in to help cover damages and legal fees.
Data Breach Insurance
Finally, if you store any customer data, you may want to look at purchasing data breach insurance to cover damages if that data ever gets stolen. It can help you notify your customers and re-establish their trust.
Insurance is a necessity for your business, so make sure you have the right kind and enough coverage.