Do you have a small business? If so, you will quickly come to realize that business insurance is essential to safeguard your investments and your enterprise as a whole. Here are a few vital questions to ask when looking for quotes.
What type of cover do I need?
This is the most critical question to ask when searching for the right small business coverage. The reality is that business insurance requirements vary dramatically from enterprise to enterprise and are usually based on the size of your business, where it is located, and the nature of what it does. Most organizations operating within the same industry will have similar needs when it comes to commercial coverage.
It is recommended that all small businesses consider signing up for General Liability insurance which protects against any unexpected accidents or property damage that may occur on the company’s premises.
If you are uncertain in terms of what you need and you are looking for some expert advice, it can help to approach experts such as those at Next Insurance online. They are able to guide you in terms of how to ensure maximum coverage and peace of mind.
Should I get General Liability insurance or Professional Liability insurance?
You should consider getting both, as they are quite different. Professional Liability insurance protects against negligence claims and any mistakes made by you or your employees when on the job. In contrast, General Liability insurance protects against accidents and damage to property.
If you have both working in your favor, you can be sure that your business will be sufficiently protected against most threats. Luckily, several reputable insurance providers will offer business owners package deals that include both General and Professional Liability insurance at a lower cost.
Do I need Workers’ Compensation Insurance?
If you have any employees, the chances are good that you will need Workers’ Compensation. However, the requirements surrounding this type of commercial insurance vary somewhat from state to state. Texas is currently the only state in the United States that does not require a business to take out Workers’ Compensation by law.
Workers’ Compensation insurance provides protection for both a business and its employees relating to situations revolving around accidents in the workplace, employee illness, etc. It covers costs such as loss of income if an employee suffers an injury that renders them unable to work for a specific time, as well as medical expenses brought about as a result of a workplace accident.
How do I Obtain a Certificate of Insurance (COI)?
In the past, it was extremely challenging to get hold of a Certificate of Insurance. Now, a few insurance providers have streamlined the process so that you can get your proof of insurance quickly, affordably, and online for maximum convenience. Remember – you will need a COI when approaching financial institutions for funding, leasing a property, or partnering with another business. Plus, it also plays a significant role in building trust among your employees and clients, so be sure to display it proudly where it can be seen and acknowledged.
You will also most likely need to provide your COI to your landlord. Most leases require a certain amount of liability insurance with the landlord co-insured. Others may even require casualty insurance. A good tenant rep, like the ones we have at OfficeFinder can help you negotiate the insurance clauses in a new lease.
Hope this helps in finding the perfect insurance fit for your business!