January 31st, 2020
Many large companies have entire teams of attorneys dedicated to reviewing and sourcing insurance coverage – and often developing their own. Small and medium-sized enterprises (SMEs) often lack those teams, but still need access to SME insurance products to protect themselves from liability and property perils.
But what insurance solutions are relevant to your business?
There is a virtually unlimited number of different coverage options and combinations. If you want to talk about issues specific to your business or industry, let us know!
However, there are some core coverages that every small and medium-sized business needs, no matter what industry they are in.
Commercial general liability covers your business from real or alleged claims of bodily injury or property damage caused by your business operations.
While some businesses have significantly more liability exposure than others, we think any company that generates revenue needs this coverage. The insurance carriers recognize this and price accordingly; for example, a clothing boutique will not be charged the same liability rate as a demolition contractor.
Unlike liability insurance – which protects your business from others collecting damages from you – commercial property insurance pays for your assets that are damaged.
These assets could range from your warehouse stock to the building your business operates in. This insurance could even cover lost income from a damaged or non-operational asset.
A broad array of buildings, equipment, and other items can be covered under this type of SME insurance. Reach out to your insurance broker if you have something specific that you are interested in insuring.
Unlike commercial liability or property insurance, workers compensation insurance is required by most states if you have employees.
It covers the medical bills that your employees receive if they are injured while working for you. This could also include writing them a paycheck while they are unable to perform their duties at work.
Commercial auto insurance provides coverage for business liability arising out of the use of your business auto. Commercial auto insurance will also pay for any repairs for damage your vehicles take.
This is a necessary coverage for many businesses. We recommend purchasing limits above $1 million due to the potential severity of a large auto claim. This is especially important if you use any large trucks for your business.
We will review your business information, assets, and tolerance for risk, and then choose the best SME insurance product for your budget.
The best insurance company for a small business depends on the type and size of business, its location, and its assets.
The best insurance company for you is the insurance company that will provide the best terms, the best pricing, and is financially stable enough to pay out all your potential claims.
We suggest speaking to knowledgeable insurance professionals about what type of coverage your small or medium-sized business needs. With that said, we believe every company needs general liability, property, auto, and workers compensation insurance.
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