You might be surprised to learn that small businesses are more vulnerable to many financial risks than their larger counterparts, even when it comes to liability claims going after the latter’s deeper pockets. The good news is that you can protect your small business with the right insurance coverage. Here’s what you need to consider.
First: Cover Liability Risks
For most small businesses in West Virginia, liability is their Achilles heel — the area that could bring them down financially. You don’t want to have to close your doors permanently and put your employees out of work because of a slip-and-fall injury on your premises or a lawsuit over your hiring practices.
You need to make certain you have sufficient liability coverage to weather the average claim of $1.2 million, which is what small businesses are paying these days in court damages. How do you do that?
- General liability insurance for non-employee accidents
- Specialized liability coverage, like errors and omissions, employment practices, and officers and directors insurance
- Commercial umbrella insurance to increase your liability protection
- Workers compensation in case an employee is injured on the job
Protect Your Property
The next step is to protect your business property, whether you own an office, rent a storefront, or operate out of a mobile van. Business insurance can insure business assets like:
- The structure of a building you own
- The contents of your building, whether you rent or own your premises
- Equipment that travels with you for business operation
- Business inventory necessary for operation
Property insurance covers you in the event of disasters like fire, severe weather, vandalism, and theft. You can add flood or earthquake insurance for extra protection, depending on your location.
Evaluate Other Areas of Risk That Need Coverage
Most small businesses have other areas that require insurance protection. Common business insurance types include:
- Commercial auto insurance for any vehicle driven for work purposes
- Cyber insurance in case of hacking, ID theft, or data breaches
- Inland marine coverage for the protection of other entities’ expensive items while in transit under your care
- Bonds for construction, contracting, and other instances where your promise is on the line
You may also want to explore insurance that’s designed specifically for certain professions or business types, like restaurant insurance, contractors insurance, hairstylist and barber insurance, architects and engineers insurance, or landscapers insurance.
Let Local Independent Agents Assist You With the Best Protection
Our independent agents are right here in your community, so we know the business climate and risks you may face. Plus we offer personalized service with a wide array of business insurance products that exceed what you’ll find with big companies. Don’t leave your business vulnerable to financial ruin. Get the right coverage today by calling Wickline Insurance at 304-252-1483 or by starting a policy online.