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Here's The Thing: Business Insurance Can Be Complicated
At Syga Insurance, our goal is to make insurance more simple. If you're unsure what type of insurance you need, look at the list below of the most common and essential types of insurance for your business
1
General Liability Insurance
General liability insurance helps protect your business from claims that it caused bodily injury or property damage to someone else. For example, if a customer slips in your store, this coverage can help pay for their medical expenses. Many small business owners also get a general liability insurance policy that includes product liability insurance. This can help protect their company from claims of bodily injury or property damage that their products cause.
2
Professional Liability Insurance
Professional liability insurance helps cover claims related to mistakes in the professional services that your business provides. Let’s say your accounting firm makes a mistake on a customer’s financial statement and they have to pay a penalty. If they sue your business, professional liability insurance can help cover your legal costs. Investing in this coverage can help you save money in claims costs. This coverage is also known as errors and omissions insurance or E&O insurance.
3
Business Income Coverage
Business income coverage, also known as business interruption insurance, can help replace lost income if you can’t operate because of covered property damage. This includes damage from fires, storms or theft.
4
Commercial Property Insurance
Commercial property insurance helps protect your owned or rented building and equipment used to operate. So, if someone breaks into your building and steals your business computers, commercial property insurance can help cover the replacement costs.
5
Workers’ Compensation Insurance
Workers’ compensation insurance provides benefits to employees if they get a work-related injury or illness. For example, if an employee gets carpal tunnel syndrome from years of typing and poor ergonomics, this insurance can help pay for their treatment costs. Most states require businesses to have this coverage if they have employees.
6
Commercial Auto Insurance
Commercial auto insurance helps cover property damage and bodily injury claims if you or an employee gets into an accident while driving a company-owned vehicle for business. So, if your employee swerves off the road while making a delivery and hits a mailbox, this insurance can help pay for the damages.
7
Data Breach Insurance
Data breach insurance helps your business respond to a breach if personally identifiable information gets lost or stolen. It can help cover your costs to: Notify impacted customers or clients Run a public relations campaign to improve your business’ reputation Offer credit monitoring services Some insurance companies may call this coverage cyber liability insurance.
8
Commercial Umbrella Insurance
Commercial umbrella insurance extends the limits of certain liability policies that your business has. So, if a claims cost exceeds your policy’s limits, commercial umbrella insurance can help cover the difference.
9
Employment Practices Liability Insurance
Employment practices liability insurance, also known as employers’ liability insurance, helps protect your business from employment-related claims. This includes claims of: Discrimination, Sexual harassment, Wrongful termination.
10
Business Owner’s Policy (BOP)
A Business Owner’s Policy (BOP) is one of the most popular types of insurance. It combines: General liability insurance, Commercial property insurance, Business income insurance.
Do I Need Liability Insurance for My Small Business?
The quick answer is yes. Most businesses need liability insurance for small business. But there are several different types of liability coverage to choose from. The most common are general liability and professional liability.
Getting the right business insurance coverage isn’t any different than protecting your home with homeowners insurance – they’re both some of the most important investments you’ll ever make.
To learn more about the business insurance coverage you should have, get a quote today.
We make it easy for you to customize your small business insurance policy to get the coverage you need.
What Makes Us Different From Others?
As an independent insurance agency, we don’t work for insurance companies, we work for you. We represent many different insurance companies that offer a wide variety of coverage options and price points. There’s no need for you to accept one quote from one company, and there’s no need for you to spend time filling out many different online applications to get your own quote comparisons. With our connections and our knowledge of the market, we can often find a better value for your insurance dollar than you might find searching on your own. We do the shopping. You do the saving. Our goal is to find you the right blend of price, coverage, and service.
Dedicated Agents
Our agents don’t just stop at signing you up for a policy, they go above and beyond to ensure we exceed your needs and stay within budget. We offer Stability & Support.
Affordable Plans
Our property and casualty benefits aren’t just reliable, they’re affordable. Don’t break the bank to protect your valuables.
Expertise
Our team has a combined experience of over 27 years in insurance and have assisted over 30,000 clients!
Free 15-Minute Call To Get You Started
Insurance isn't a one-size-fits-all thing. Every business and business owner have different needs, which is why it's essential to speak with an insurance agent so they can tailor an insurance package to your specific needs.
What Should You Expect?
- Meet with one of our insurance experts so they can get to know what you’re looking for and help define the best way to help you.
- Together we’ll create a customized policy that meets your goals and your budget.
- That’s it. You can rest easy knowing you and your business are covered at the best price.
Do All Small Businesses Have Insurance?
If you’re still wondering, “Do I need insurance for my small business?” The answer is yes. Most small businesses need some type of coverage for protection from various risks, like: Bodily injury Property damage Car accidents Lawsuits Without coverage, you’ll have to pay out of pocket for claims reported against your business. Having to pay these costs out of pocket can cause severe financial losses that can shut down your business. We have been helping small businesses like yours for over 200 years, making sure you get the kind of coverage you need. Let us help make sure you’re protected. Get a small business insurance quote today.
Want To Learn Why It Helps Your Business To Offer Employee Benefits?
Frequently Asked Questions
Small business insurance costs can vary between companies. That’s because not everyone needs the same type of insurance and insurance companies use different factors to determine cost.
You can find the right business insurance coverage for your company in as little as a day. To get started, some steps you can follow, include:
Before you start, you’ll want to gather information like your:
- Location
- Gross annual sales
- Total number of employees
- Payroll size
- Tools and equipment used
- Assets
- Building’s age
Having this information ready will help speed up the process of getting your business insured.
“Is it illegal to run a business without insurance?” That depends. Certain coverages are required by law in different states. For instance, Florida requires workers’ compensation insurance. Operating without it means you’ll face fines and penalties. You’ll also have to pay out-of-pocket for your employee’s medical care if they suffer a work-related injury or illness.
However, even if your state doesn’t require small business insurance coverage, it’s still a good idea to have. Business insurance helps cover:
- Property damage
- Bodily injury
- Lawsuits
Business risk refers to anything that could impact your company’s finances. In many cases, these financial risks could destroy your company. While there are many factors that can create a business risk, some include:
- Fire damage
- Flooding
- Natural disasters
- Theft
- Economic downturn
- Loss of important suppliers
Although it’s impossible for small business owners to shield their company from risk, there are steps you can take, like purchasing small business insurance. This should be an important part of your risk management strategy because it can help reduce the impact on your business operations if a disaster strikes.