Image Source: Pexels
Starting your own small business is an undertaking of great importance. Every move you make in this area needs to be covered by a full policy of insurance. This will give you the best chance to guarantee your long-term survival in the industry. The time to get the coverage you need to ensure your success is now.
1. Surety Bonds
A surety bond gives a guarantee that a person, business, or agency that hired you will get exactly what they pay you for. This is an ironclad three-party contract. The surety company uses it to guarantee the performance of all of the obligations of the second party, in this case, yourself, to a third-party client.
You will need to back up this guarantee with a full policy of surety bonds insurance. Doing so will give the ultimate proof of professionalism and reliability that your clients are looking for. They can then go on to give you good references by assuring their peers of your attention to this detail. It’s a great way to get new business by solidifying your brand.
2. Employment Practices Liability Insurance Covers Your Conduct
One of the most crucial policies you can get for your business will be employment practices liability insurance. This is a policy that you can use to protect your business from any claims related to employment that may arise. These can include discrimination, sexual harassment, and wrongful termination.
3. Commercial Umbrella Insurance Can Cover Loose Ends
If you anticipate greater costs than you can handle, you should take out a full policy of commercial umbrella insurance. This is a fail-safe that is designed to help you extend the limits of certain liability policies that you already have. You can use it to get coverage for any shortfall that you experience elsewhere.
4. Breach Insurance Will Secure Your Business Data
Data breach insurance will be one of the most important small business insurance policies that you can buy. It will help you respond to any kind of data breach that may impair your ability to do business. It will also notify your customers, check your credit, and initiate a public relations campaign to control the damage.
5. Commercial Auto Insurance Will Cover Company Vehicles
Are you planning to open the kind of business that relies on company vehicles? If so, you will need commercial auto insurance to cover your fleet. This is a policy that covers the cost of any damage that may occur while an employee is operating a company vehicle. It’s essential to have in case of these accidents.
6. You Need Workers’ Compensation to Cover Employees
If you are planning to employ workers at your business, you will naturally need workers’ compensation insurance. This will be needed to cover the benefits that are provided to employees in case of injury or illness. Most states will require you to have this coverage if you want to do business in a legitimate fashion.
7. Commercial Property Insurance Will Protect Your Building
Your business may not always be run from your home office. If you plan to expand to an actual brick and mortar location, you will need to protect your property. The best way to do this will be to take out a full policy of commercial property insurance. Doing so now will save you a great deal of time, energy, and money.
This type of insurance can be useful in a great many types of situations. For example, if someone should break into your building and steal costly equipment, your policy of commercial property insurance will cover your losses. It will give you the coverage you need to quickly replace the equipment. You can then get your business safely back on track.
The Time to Get Insured is Now
The time to make sure that every aspect of your new business is secured is now. You need to have full protection for yourself and your clients via a network of interlocking insurance policies. This is a detail that needs to be taken care of before you open your doors to the public. Doing so will ensure your success.