Whether your business consists of just you or you have hundreds of employees, business insurance is something that you must have. But what is the right business insurance? Will liability be enough, or do you also need a policy for the property? Will the policy cover vandalism to your shop? Can you get insurance for the industry that you are in? What if it’s just me and I don’t have employees, do I still need insurance?
You have a lot of questions, and the first place you should go is to your Taylor and Miller Insurance independent agent. By understanding your business, your industry, your size, and more, your independent agent will be able to shop for the best business insurance that will fit your needs and keep your business protected.
I Only Have A Few Employees, Do I Really Need Business Insurance Insurance?
Once you have employees, most states require that you carry workers’ compensation insurance. This is good because it helps to protect your employees and help them recover from a work-related injury or illness. And factors such as job risk, claims history and payroll size will make a difference in premiums and what coverages are needed.
But I’m Only Renting My Workspace, Do I Need Insurance?
While it might seem that you wouldn’t need insurance when you are renting your workspace, that just isn’t so. You are still subject to potential theft or vandalism, damage from fire or storms, and more. Commercial insurance allows you to repair or replace things needed for your business, and may even cover lost income while repairs are being made. Tools, machines, documents, and more can be covered in your insurance policy, and your Taylor and Miller Insurance agent can help you understand everything in your policy.
Wait, I Work In An Office Doing Accounting
Nope, that doesn’t excuse you from having the right insurance in place to protect you and your business. Professional liability insurance, which falls under the business insurance category, is the type of policy that you will need to have in place. These policies cover common claims such as negligence, misrepresentation, inaccurate advice, violation of good faith, and more. Working directly with customers providing services opens you up to a variety of potential complaints, and professional insurance is there to help mitigate circumstances that would hurt you personally and force you to close your business, even if you did nothing wrong. Don’t wait, call your Taylor and Miller Insurance agent today to discuss your business and find out what insurance you will need.