What Types of Insurance for Small Business Owners is Needed?

As a small business owner, you probably know what’s happening in every department of your business at any given moment. But what many small business owners don’t know is what types of insurance policies they need to ensure their business stays protected. While every business’s policies are unique, the backbone of insurance for small business owners stays relatively the same from business to business. 

The Basics

When it comes to insurance, it’s better to be overprotected than under-protected. This isn’t to say, though, that you need to go crazy on loading up on niche-specific coverages. It just means that you can always remove policies should you decide it’s no longer needed. When looking to begin covering your business, there are a few policies that are recommended to virtually every business regardless of their head count or industry:

• General Liability
• Property Insurance
• Workers’ Compensation (if you have employees)
• Commercial Auto (if you or your employees drive for your business)
• …or a Small Business Owner’s Policy (BOP)

How to Choose Your Policies

Choosing the right policies for your business is vital to keeping it healthy, but choosing your policies on your own when you’re not seasoned in insurance can hurt your business rather than help it. When it comes to choosing your policies, choose a broker that you trust to help guide you through these 3 steps:

1. Assess your risks: Think about the risks surrounding your business. Whether it be geographical, historical, organizational, or regulatory, every risk should be adequately covered by your policy.

2. Consider your growth plans: Your growth projections play a huge part in the amount of coverage you need for your business. While you shouldn’t cover for a growth you see 5 years from now, you should cover for anything that’ll change over the next 12 months (employees, products, etc.).  

3. Think about your employees: Your employees are the backbone of your business. In order to recruit and retain the top talent, it’s important that you’re giving them a mix of the employee benefits they need and want. 

At Snellings Walters, we’re here to lead complex businesses into safety and security – and that means working with you as an extension of your team to get your business the coverage it needs to succeed. If you need some help getting started with insurance, just reach out to us here – we’d love to talk!