Just like your home or car, you are going to need insurance for your business. Some are required and some are just good to have. Here is a list of insurance for your small business.
Business Liability Insurance
This is a basic insurance that covers you, your employees and your product or services for defense and damages should a third party claim they caused bodily injury, property damage, personal injury and any associated medical costs. You should consider this insurance if you interact with clients face-to-face, access client’s property, represent your client’s business, or are required by contract. Business liability insurance does not cover your property.
This insurance protects any buildings or property you own should there be a fire, theft or vandalism. Businesses should consider this insurance if they own a building or have business personal property including office equipment, inventory or computers. Businesses should also consider adding loss of business coverage to their policy to protect your earnings if the business can’t operate.
Commercial Auto Insurance
This is good insurance to have if your business has vehicles. It can protect vehicles that carry employees, products or equipment. This insurance covers work cars, vans, trucks and SUVs from damage and collision. If you don’t own work cars but your employees drive their own cars on company business consider getting non-owned auto liability to protect the company in case the employee has inadequate coverage.
This insurance protects employees that are injured on the job. It provides wage replacement and covers any medical costs. All states require businesses to have worker’s compensation if they have W-2 employees. Penalties for not having it are very harsh.
Business Essentials: Know Your Insurance Needs Workshop
DATE & TIME: May 22, 2019, 9:00am CDT
5524 Bee Cave Road, Bldg M
Westland Office Park (at rear of complex)
Austin, TX, 78746
This Essentials workshop will include tips on how to properly protect your business, whether you are just getting started or have been in business for many years. It will also address medical insurance for businesses.