If you’re thinking about starting your own business, one of the many things you have to consider is what type of insurance coverage to get.
Whether your new company is a small mom-and-pop shop or a seasonal lawn care service, you’ll need certain insurance plans to handle daily operations and others to help you prepare for emergencies.
What is Small Business Insurance?
As a business owner, it is your responsibility to protect your commercial property and the people who visit it. If something happens, you need to be prepared.
Small business insurance helps cover expensive damages and lawsuits from accidents, natural disasters and professional errors. That way, you can financially recover without risking your business.
Types of Coverage
General Liability
If someone gets injured or their personal property gets damaged while they’re visiting your business and your company is found responsible for the accident, general liability will cover anything you owe them financially (including medical bills and lost wages).
As a small business, this could help you stay fiscally stable and not go out of business from one lawsuit.
Commercial Property
Since most businesses operate at a physical location, commercial property insurance covers the space along with any tools, equipment or inventory that’s housed there. If anything gets lost, stolen or vandalized, this plan will handle the replacement costs.
Business Interruption
Also known as “business income insurance,” this plan covers any lost income that you miss out on from having to temporarily shut down due to an unforeseen circumstance. These “covered perils” are typically natural events like a fire or lightning strike that damage merchandise, require you to move or cost additional expenses to fix.
Packaged Property
Similar to liability, this provides multiple forms of coverage for your building and other business assets that may receive damage from covered perils.This includes natural disasters, equipment breakdown, theft and vandalism.
Commercial Auto
If your business uses company cars, trucks or vans for daily operations, commercial auto insurance will cover your employees when they use these vehicles. If someone gets into an accident while driving a company vehicle, they will be covered for any damages or bodily injury they cause for another driver.
Errors and Omissions
Also known as professional liability, this plan is for businesses that offer a service or professional advice (like consulting) and covers any mistakes that your company might make that leads to harm. This includes misrepresentation, fair dealing, negligence, inaccurate information or violation of good faith.
Commercial Umbrella Liability
If your business needs a little bit more coverage than what’s offered in a general liability plan, commercial umbrella liability insurance adds more. Depending on the insurance company, you may also receive additional protection against additional “covered perils.”
Worker’s Compensation
No matter how many employees you have working for you, worker’s compensation is essential to have in case someone gets injured on the job. Most plans cover medical care, lost wages and any long-term disability consequences. This type of insurance is required in Virginia.
Commercial Insurance in Richmond, VA
Whether you’ve just started your business or you’re in the market for a new insurance provider, it’s important to find a policy that fits your industry requirements and covers what you need.
Sanford Insurance’s commercial insurance plans provide policies for companies of all sizes – including small businesses that are just starting out. You’ll receive a comprehensive plan that has everything you need to succeed.
Business owners in Richmond, VA can trust our insurance coverage to protect their livelihood.
Reach out today to schedule a free consultation.