As a small business owner, you have worked your tail off to get your business to the next level. You work hard and put in long hours to build your business. But do you have the insurance policies to protect your hard work?
As the owner, having the right business insurance policies in place can make a huge difference for not only the work that your business puts forth but also your employees and customers alike.
There are several types of insurances and coverages that you can have for your small business, so where do you start? First, let’s learn more about different types of insurance policies you may want for your small business, then how to get them.
Types of Small Business Insurance
Whether you want to protect your assets, your finances, or your employees and customers from any kind of loss, there are several insurance policies that you can choose from.
As a small business owner, you need to be aware of state and federal regulations that may require your business to provide to your employees. Specifically in Louisiana, a “small employer” has between 1 and 100 employees, and they are required by law to include health coverage to their employees through associations or through a blanket policy.
For those businesses that employ on the lower end of those mandates, there is a marketplace available for business owners to shop for the best rates for their employees and be able to provide more choices. Also, you may qualify for a health care tax credit, so be sure to check if your business qualifies for those!
As a business owner, you definitely want to protect your property at all costs from theft, fire, and other losses beyond your control. Property insurance is one way in which you can do that! This type of policy covers damages to the physical structure and the property/items within them.
However, this policy would not cover such in the case of a flood or some other natural disaster. Because of the limited nature of this type of policy, some business owners choose to combine several smaller policies into a Business Owner’s Policy, or BOP. This can save you on costs in the long run and give you more comprehensive coverage than just one of these policies alone.
Other Types of Policies
If you choose to purchase more than one type of policy or wish to combine them into a BOP, there are several types of coverage that you can choose from. Be sure to review all of your options with your insurance broker or agent. Here are a few you may want to consider:
- General Liability Insurance – Coverage for incidents for business operations on owned or leased company property
- Product Liability Insurance – Coverage for damages to company products, preventing liability losses
- Commercial Auto Insurance – Coverage for company vehicles and for those company officials operating such
- Workers Compensation Insurance– (State-mandated) Coverage for workers injured on the job
- Key Person Insurance – Coverage for death or incapacitation of certain key company employees
- Bond Insurance – Coverage for payment, performance, and finishing of contracts
How to Obtain Insurance for Your Small Business
When you own a business, obtaining insurance should be very high on your priority list. There are a few key steps to follow when doing so:
- Determine Your Risks – Use this preliminary time to determine what types of risks your business has based on the type of business, geographical location, number of employees, government mandates, and other risks.
- Find a Trusted Insurance Agent – Finding a trusted and knowledgeable insurance agent that can keep your and your business’s needs in the forefront of their mind when pitching insurance plans to you is a PRIORITY!
- Shop For Best Prices and Coverages – Prices can vary from month to month and year to year, so be sure to shop around for the best prices and coverages that are available to you, your business, and your employees alike.
- Re-assess Risk and Costs Each Year – Similarly to changes in cost and coverages, make sure that your risks are re-evaluated each year to make sure everything that you treasure is covered.
If you are a small business owner looking for answers regarding insurance mandates and options for different types of coverages, look no further than Thompson, Smith, and Leach!
Our well-educated and reputable staff of insurance agents are ready to work with you and find you the best business insurance in the Lafayette, Franklin, or Abbeville area! Give us a call today to schedule a meeting to get your business insured with the coverage that will help you sleep better at night!