Are you looking for ways to protect the future of your business? Do you lie awake at night worried that a workplace incident is going to derail your progress? If so, then you need to learn about how business insurance can help you.
More importantly, you need to understand the different types of business insurance policies that you should invest in. They can cover different emergency scenarios to ensure your company doesn’t experience a financial setback.
See below for an in-depth guide on the different types of business insurance, what they are, and why they are a necessary investment for your company.
1. Industry-Specific Business Insurance
It’s no secret that different industries have different risks. A janitorial business can have just as much liability associated with it as a restaurant business, but there are different risks associated with the two. For that reason, different industries will require certain insurance packages.
At EPG Insurance, we want to help your business get all of the business insurance policies it needs, and none of the policies that it doesn’t. We believe that the right combination of business insurance policies can help you weather any emergency.
For example, let’s say that you’re the owner of a commercial cleaning service. At first glance, you might think you only need typical liability insurance and workers’ compensation insurance.
But what about the company vehicles that your workers use to drive to your client’s site? Who’s insuring them? What will you do if your business liability insurance doesn’t cover the entire cost of a claim? Umbrella insurance would sure come in handy at a time like that.
We want to help you save time and money by working with an experienced insurance agency. Be sure to reach out to us to learn about the policies you need to ensure your company’s future is secure.
2. Workers’ Compensation Insurance
Imagine the horror of one day getting a phone call and hearing that one of your top workers has been injured on the job. Suddenly, their focus shifts from working hard for your company to ensuring that their family’s finances are protected.
Workers’ compensation is a must-have for any business. In fact, all but one state in the USA legally requires businesses to have workers’ compensation.
If a worker is injured or ill from their job, workers’ comp can cover:
- The worker’s medical bills
- Lost wages that the worker accrues as they recover
- The cost of recovery (such as rehab, physical therapy, etc.)
- Funeral costs if the worker were to pass away
This is even more crucial to have if your business involves a service that goes to your client’s properties. For example, an HVAC service, contractor, cleaning service, janitorial service, and so on.
You want to make sure that your clients aren’t held financially responsible if one of your workers gets injured on their site. As a matter of fact, many clients refuse to do business with companies that don’t have their small business insurance needs in order.
3. Business Liability Insurance
No matter how efficient, experienced, or trustworthy your business is, there is always risk involved. All it takes is one slip-up by you or your staff to cause a financial setback for your clients. This could be in the form of:
- Bodily injury to another party (such as your client)
- Damage to the client’s property or belongings
- Defamation to your business by someone trying to seek compensation
Without business liability insurance in place, any one of these three scenarios could cause a financial setback for your company. A setback that you might never financially recover from.
However, with a business liability policy in place, you’ll have more peace of mind. This also has a positive reflection on your brand. It shows that you care about protecting your company, your clients, and your staff.
4. Umbrella Insurance
But let’s say that your business liability insurance coverage doesn’t cover the entire cost of the claim. It isn’t uncommon for a claim to exceed the limits of your policy.
Many small business owners run into this unforeseen dilemma and are forced to cover the remaining costs out of pocket. As you might imagine, this can prove to be quite an obstacle for a company’s growth.
That’s where umbrella insurance can save the day. It’s meant to extend the covers of your business liability insurance to ensure you don’t have to pay any more than your deductible on a liability claim. That way, your budget, and cash flow is never sabotaged.
5. Commercial Auto Insurance
If your company has any commercial vehicles in its business model, you need to invest in commercial auto insurance. It will cover both the vehicle and the driver.
Commercial car insurance covers a wide variety of situations, such as:
- Comprehensive and collision coverage
- Uninsured motor vehicles
- Liability
- Medical payments related to a car crash
- Emergency roadside assistance
The list goes on and on. It’s cost-efficient and can be a lifesaver for your small or medium-sized business.
Not to mention that it can help protect your overall brand. With added benefits such as emergency roadside assistance, we’ll make sure to get you back on the road and headed towards your clients as quickly as possible.
Invest in These Types of Business Insurance Today
Now that you have seen the different types of business insurance that your company needs, it’s time to make sure your small business insurance needs are met.
Be sure to visit this page to learn more about EPG Insurance and why we’re so passionate about helping small businesses such as yourself!
To get started, please visit this page to receive an online quote for your small business insurance needs and we’ll be happy to assist you further.
