Running a small business is like taking a walk on a tight rope. It can be challenging to know which risks to take and which to avoid. This is why you need small business insurance to reduce risk and loss so that your business can succeed. Having the right insurance policies could help protect your business.
Need a small business insurance policy in Lethbridge? This post will provide you with everything you should know about small biz insurance before purchasing your policy.
Why Do You Need Business Insurance?
Lawsuits and claims are expensive. You could be looking at a devastating case if an unhappy customer sues you for a mistake or if someone slips and falls in your place of business. Having a small business insurance policy can protect your business.
What Are The Common Types Of Small Business Insurance?
Every business needs a small business insurance policy to help protect their company against loss. At a minimum, you can start with these types of small business insurance:
Property insurance: provides coverage for everything used within your business premises in the event of physical disasters.
General liability insurance: protect your business in case of a third party sues for injuries or damages.
Commercial auto insurance: covers commercial vehicles that employees use for business purposes.
Public liability insurance: protects you and your employees from liabilities to third parties if your services or products result in injury or property damage.
Commercial umbrella insurance: protect your business against incidents that go beyond the coverage your company already has or your commercial insurance policies.
Small business health insurance: provides many medical benefits and employee health coverage for small businesses.
Workers’ compensation insurance: this policy protects employees by paying for their medical care if they are involved in an accident while working.
Errors and omissions liability insurance: defend businesses from lawsuits and claims related to wrong advice or negligence.
What Types Of Insurance My Small Business Need?
You need to consider the types of small business insurance you need. Most small businesses choose to have general liability insurance, workers’ compensation insurance, property insurance, and workers’ compensation insurance if they have employees. Other forms of small business insurance, like errors and omissions liability insurance or commercial auto insurance. Overall, having small business insurance policies serve as priceless resources for your company by protecting you and your employee from lawsuits and claims while helping your company move forward in the event of uncertainty.
What Is The Cost Of Small Business Insurance?
The cost of a small business insurance policy depends on many factors, including the type of business, the coverage you choose, and your claims history, and the deductibles and limits you choose, as well as your unique needs.
Where To Get A Small Business Insurance Lethbridge
If you need small business insurance in Lethbridge, Schwartz Reliance Insurance & Registries got you covered. Contact us today at 1-844-840-1010 to speak with an agent to get an idea of what you might pay for a policy.