If you’re a business owner and you’re asking yourself “Do I need insurance for my small business?” The answer is yes. Small businesses and startups often work on a tight budget and it may be tempting to opt out of coverage that isn’t required by law. By opting out of certain insurance options, it may end up costing your business way more than the monthly premiums would. 

Insurance is one of the biggest precautions you should take to protect your business. Regardless of the size of your business, you are susceptible to all the same hazards as a homeowner, such as storm damage, liability or theft — but because more people come into contact with you through work, your chances of experiencing one of these at your place of business are greater. 

By investing in the right insurance for your small business, you’re purchasing protection.

Common coverage options for small businesses

Insurance can be confusing and is oftentimes hard to understand what type of coverage you actually need.  We know how important your investment is to you, and we can insure your business needs through a variety of coverage’s.

GENERAL LIABILITY: General liability insurance can help protect your business from claims of bodily injury or property damage. They can also help cover claims of libel and slander. Without it, you could go out of business quickly if you are sued or encounter a lawsuit. 

ERRORS & OMISSIONS/ PROFESSIONAL LIABILITY: E&O or professional liability insurance protects your business if you’re accused of a mistake, oversight, or professional negligence. If you or your employees make a mistake in the professional services you provide, it can help protect your finances. 

BUSINESS PERSONAL PROPERTY: Business personal property (BPP) insurance offers financial protection for the repair or replacement of your lost, damaged, or stolen business property including tools, equipment and inventory.

COMMERCIAL AUTO:  If your company includes delivery or transportation vehicles, you have an increased risk through employees who are on the road. Commercial auto insurance helps cover accidents if you or your employees are at-fault. 

LOSS OF BUSINESS INCOME: Business income insurance, also referred to as Business Interruption, helps replace lost income from fire, wind damage, theft and other covered losses. Including the loss of business income if you can’t operate because of a covered peril.

EMPLOYEE DISHONESTY: Employee dishonesty coverage protects small businesses from financial losses due to the dishonest or criminal acts of one or more employees.

WORKERS COMPENSATION: Workers’ compensation insurance helps provide benefits to your employees if they have a work-related injury or illness. 

CYBER LIABILITY: Cyber liability and data breach insurance protects small businesses from the high costs associated with data breaches or malicious software attacks. Coverage includes expenses relating to customer notification, credit monitoring, legal fees, and fines.\

SMALL BUSINESS OWNER’S POLICY (BOP): This policy gives small business owners a good start toward protecting the business they’ve worked so hard to build. Packaged policies, like a BOP allow you to protect your business from: 

  • Property damage
  • Lost income
  • Liability claims

Know the risks. It could end up costing you.

With so many insurance types  and coverage options, it pays to know the risks unique to your business. Not taking into consideration what risks your business is more susceptible to could and will end up costing you. You know the extent of the risks your company faces best. That being said, at OnPoint Insurance, our team helps each business complete a thorough risk assessment. Risk assessments help you get the best rate for your personalized needs. 

Determining what type of coverage you need 

There are many types of business insurance and it’s important to consider your specific needs for your small business. By finding the right coverage that is specific to your company’s needs, it will help minimize risks in a multitude of areas. Without the right coverage, your company or even your personal assets could take a major hit and could encounter major financial risk.

Every small business owner or start-up needs insurance to help protect their company from risk. But how do you choose the right coverages? At OnPoint Insurance, we help you find the right coverage for your small business at the most affordable price. Here’s how. 

  1. Tell us all the types of insurance you need for yourself, your family, or your business.
  2. We work with 150+ insurance companies and will do the shopping for you to find you the best rates.
  3. We’ll send you a personalized quote with the lowest rates available in under 30 minutes.
  4. Sit Back & Relax while we get you set up on your new plan.

Small businesses are better off insured than not

Business insurance can be an expensive investment, especially for start-ups and smaller companies. But insurance could also save you thousands of dollars when problems arise. Small businesses are better off insured than not. Get in touch with our team today and we will help you get started finding the right protection and coverage for your business.