Everything You Need To Know About Commercial Insurance As A New Business Owner
So you ventured out and started your own small business? Congratulations for taking the first step. You are among a small percent of elite individuals that have an appetite for risk in business! Think of going into business like pushing a heavy boulder up a hill. The journey is going to be difficult but once you get to the top of the hill, it will be incredibly rewarding. Business insurance is your safety net that will protect you against years (or decades) of hard work, blood, sweat and tears. All it takes is one accident, one disaster, one bad hire or one bad series of events to compromise all that you have worked for.
If you have just started your own business, read on and we’ll outline everything you need to know about commercial insurance as a new small business owner.
Do I Need Business Insurance For My New Startup?
Absolutely. We understand that your first year in business your primary concern is the survival of your business but business insurance should not be looked at as just another expense on your P&L sheet. Rather, business insurance for the new small business owner is a strategic partnership, helping you protect your new assets and liabilities. You are going to invest a lot of time and money building your brand. Why not protect your investment? Whether it is insuring expensive business equipment or protecting yourself and your company from liability claims arising from products or services you provide, investing in business insurance is essential.
What Kind Of Business Insurance Do I Need?
That depends on your industry. Almost every business needs General Liability to protect themselves from claims accusing Bodily Injury, Property Damage, Advertising Injury or Slip & Falls On Your Property. A Business Owner Policy (BOP Insurance) offers Package protection for both Liability & Business Property. If you have employees, you will need to seek Workers Compensation Insurance. If you have a vehicle(s) registered to your business you will need Commercial Auto Insurance. If you have a specific profession such as Lawyer, Doctor, Accountant, Engineer, etc you should have a conversation with your insurance broker or local agent about Errors & Omission Insurance (Professional Liability)
What Resources Exist For Small Business Owners New To Commercial Insurance?
The small business administration can be an amazing resource for small business owners: https://www.sba.gov/
At Legacy Insurance Group, we specialize in a vast array of different commercial programs specifically geared towards different industries.
To learn more about Small Business Insurance by calling us at 703-430-1200 and speaking with an insurance expert!
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