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JAN
15
2022

What kind of insurance do I need for my small business?

Small business owners + insurance policies 

Running a small business comes with many risks, so it’s important to cover those risks within an insurance policy. While insurance might not be top-of-mind when opening a small business, it very well should be. Planning how to be successful should coincide with planning for possible bumps in the road and how to avoid failure. If margins are slim, the cost of not being insured and needing to cover big financial burdens to get back into business after disrupting events could cost the owner everything. So, it’s best to plan ahead to avoid that scenario.

 

Depending on the nature of the small business, what is important in policy coverage will vary. There are many different types of coverage for small businesses, including:

 

  • General liability, covering claims against business liabilities
  • Workers compensation, which is required in most states but varies 
  • Commercial auto, if a business has its own modes of transportation
  • Commercial property, which covers physical property damages 
  • Errors & omissions (E&O), covering mistakes claimed by customers
  • Geographical coverage, depending on locations of goods, services, and transit
  • Loss of income, if the business needs to shut down for a period of time
  • Cyber liability, covering any online transactions and errors 

 

Bad things happen, but it’s possible to be prepared for them. To avoid major catastrophes, small business owners must evaluate all aspects of how their business runs and cover the things that would most likely put them under. 

 

Best practice is to insure processes, places, and people that touch the business along the line. Nickerson Insurance Systems, Inc. understands that any costs a small business has greatly affect its bottom line. That’s why a team of insurance agents with expertise in small business coverage can help owners at every turn.

Packaging insurance policies

The term “packaging” when it comes to insurance plans means combining different types of coverage plans and assessing the unique needs of every business to create the ideal policy. 

 

By working with an insurance agent, a small business avoids missing coverage details or paying too high of a monthly premium. Agents will evaluate the cost of business and the possible costs of loss due to forecasted events that make a package that can help cover most incidents for their small business. 

 

It is, however, very important to also reassess business insurance policies whenever major changes are made and after a certain amount of time – one year at least is best practice. As business models shift and lines of revenue change, policyholders must ensure that they make changes to their policies as well. By working with a specific agent who knows your business, policies can be adjusted quickly, creating a relationship between business and agent. 

Interested in learning what coverage is best for your small business? Nickerson Insurance Systems, Inc. is here to help

Small business insurance coverage can be complex, but we’re here to make it simple. By working with us, we will help ensure that your small business is insured in case of any emergency along the way.

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