Each year, there are over 627,000 new businesses opening in the USA. Many of these new business owners go into their new business venture not knowing or thinking about all of the possible scenarios which could cripple their business. For all businesses in the state of Virginia, small business insurance is essential to protect your company against any major losses which could occur.
Here are some categories of the most common business owners, and why they need insurance:
Retail Business
If you own a small retail business, there are a number of scenarios where a claim could put your company out of business.
If a customer slips and falls in your store, the business could be liable for paying for the victim’s medical expenses. Sanford Insurance can help design a policy that covers your store for any injuries occurring on company property.
Restaurants are hot spots for people slipping and falling on the floor. A drink spill from one customer could easily result in another customer falling and breaking their ankle.
Service Business
Suppose you own a gutter cleaning business, and the gutter falls off the house during cleaning and hits someone on the ground. With the right bodily injury coverage, the medical bills are covered.
Maybe you own a lawncare business. While you are mowing the lawn, a rock flies out from under the lawnmower and hits a window, shattering the glass. Liability coverage protects your business when a property is damaged.
Photography businesses could be sued for wedding photos if the client doesn’t like how the photos turned out.
Professional Practices
If you own a consulting business, you could be sued for giving ‘bad’ advice. The advice you give may include downsizing the number of employees to save on labor costs, but one of the employees could sue the company due to the layoff. The company would in turn sue the professional practice for making the recommendation. The right commercial insurance policy protects the consulting firm against these types of lawsuits.
Contractors
There are circumstances where a contractor gets sued because the homeowner is not satisfied with the work of the contractor. A contractor may be covered against some lawsuits with the appropriate commercial insurance policy. One major claim could force the business to close up shop if they do not have commercial insurance.
To find out more about what options are available for your small business, contact Sanford Insurance to learn how we can protect your company.