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JUN
15
2020

What Insurance Does a Small Business Need?

Necessary Insurance Policies for Small Businesses

When starting a small business, it is important to understand that there are many risks. To ensure your business is set-up for success, insurance coverage is essential. Policies a small business should look into include workers’ compensation, property insurance, general liability insurance, and auto insurance. Learn more about these different types of insurance policies with the professionals at Nickerson Insurance. 

Workers’ Compensation

Workers’ compensation is required by law in almost every state, regardless of business size. A small business needs this type of insurance not only to protect their employees, but to also protect their business. A workers’ compensation policy protects an employee in the event of an injury or illness that results from performing job-related responsibilities. Employers are protected from being sued for workplace conditions. Some examples of claims include slips, falls, overexertion, and machinery accidents. The insurance policy will then cover lost wages and medical expenses. If a business fails to purchase workers’ compensation there are, in fact, consequences which include fines or even being charged with a misdemeanor that is punishable by up to one year in jail. 

Property Insurance

Another important insurance policy that is necessary for your small business is property insurance. Property insurance protects the location of your business from any damages or accidents that may occur. We offer different policies to protect your property which include an apartment house package, builder’s risk insurance, and liability, crime and fire insurance. 

General Liability Insurance

No matter what kind of business you have, general liability insurance is a must. At Nickerson, our general liability insurance covers property damage, bodily injury, medical payments, defense costs, and personal and advertising injury. As a small business owner, it is important to be prepared in case an unexpected accident occurs. By purchasing general liability insurance, you can help provide the security that your business needs to thrive. 

Auto Insurance

If your business involves the transportation of goods, auto insurance is very important to have. Available auto insurance policies include business car insurance, ocean marine insurance, and transit coverage. Business car insurance plans make it simple for business owners to get back to their usual routine when they can quickly get their car fixed without any hassles. Without a working vehicle, a business could suffer, which is why this type of insurance is vital. Ocean marine insurance is essential for businesses who transport goods overseas. In the event that your cargo becomes lost or damaged while in transit, the liable party will be responsible. Lastly, transit coverage keeps shipping companies liable if damage occurs that affects your business. Insurance plans for transit coverage are based on the value of your cargo as well as the distance of the shipment. 

Contact Nickerson for Your Small Business Insurance Needs

A small business is a valuable investment, which is why it is important to protect it by purchasing the necessary insurance policies. Nickerson Insurance is here for you and will help you get complete coverage at a competitive price. Contact us today to learn more or set up an appointment. We look forward to providing you with superior customer service and insurance plans.

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