Small Business Insurance Tips

How important are small businesses to our economy? The simple answer? Very. According to the U.S. Small Business Administration, small businesses generate 44 percent of our economic activity. They produce two-thirds of our new jobs and force innovation through competition in the market.

Unfortunately, just because small businesses are essential to our economy. That doesn’t mean that they’re easy to maintain. In fact, it can be rather tricky with business owners losing sleep worrying about themselves, their employees, and property. That’s why those of us at Northeast – MetroWest Insurance Agency will help you assure everlasting business with these small business insurance tips.

To protect your business, continue reading below.

5 Small Business Insurance Tips

Understand the rules

Before doing anything, you need to know the rules. We recommend checking your state’s insurance departments to understand what coverage is technically required. You can explore your state’s required coverage and find suitable options using this search tool from the NAIC.

Know what you’re up against

In other words, you need to understand the potential risks of your business. There are many complex commercial insurance options available for a small business, and selecting the appropriate option can be tricky. However, if you truly understand your risks/ threats, you can narrow your choices.

The best practice is to insure against the worst you can imagine.

As unimaginable as things like slips and falls, fire, loss of income, injured employees and customers, and defective products can be, they’re all quite familiar to insurance specialists. Your business is not guaranteed to avoid all of those risks forever. So ensure you’re protected.

Liability insurance for employment practices

No matter how dedicated you are to your employees, your relationship with them can sour, and disputes may happen. If you want to ensure the longevity of your business and prevent one disgruntled employee from escalating to litigation and destroying your work, you need to protect against it.

Employment practices liability insurance can protect you from many wrongful acts stemming from your employment operations. This insurance is quickly becoming more popular. So it’s a good idea to get yours now.

Protect yourself in the digital age

Cyberattacks threaten us all. In many cases, they can result in a case of identity theft or stolen data. If you deal with online transactions or collect customers’ personal information digitally, it could happen to you. And if a customer has their information stolen, they may take legal action against you.

You can protect yourself with Cyber Risk coverage and Data Compromise coverage.

Working from home requires a bit more

If your business is home-based, you need additional coverage. A typical homeowners’ policy does not protect your business, even if it’s based in your living room. After assessing the risks to your business, we recommend adding a homeowner’s policy to protect you and your property against them.

But don’t stop there. You still need to add more business insurance to truly protect yourself, your employees, and your business.

After considering all of these small business insurance tips, don’t do this alone. Take the next step and review these insurance services with our team at Northeast – MetroWest Insurance Agency. Get your detailed consultation today at: (800) 443-7007.