5 Types of Insurance Every Small Business Must Have

Small businesses are incredibly important to the U.S. economy and to American workers in general. According to the Small Business Administration (SBA), small businesses accounted for 64% of the net new jobs created between 1993 and 2011… to put this statistic into perspective, that’s 11.8 million jobs created by small businesses in the United States alone in the span of less than 20 years. With the number of small businesses growing year by year, it’s vital for the owners of these businesses to make sure that their employees and assets are covered properly.

Ourlist below outlines the 5 most important insurance policies any small business must have in order to avoid paying massive amounts of money in the event of a lawsuit or claim:

 

1. Workers Compensation Insurance

Workers’ Compensation insurance will provide wage replacement and medical benefits to an employee who is injured on the job. This particular coverage is necessary for all employers who have at least one full-time or part-time employee.If your business has “sub-contractors” or 1099 employees, you may still need coverage. Workers compbenefits vary by state, so it’s important to speak to your own insurance provider in the event of a claim to see what is covered based on where you live.

 

2. General Liability Insurance

A Commercial General Liability policy provides legal representation and pays for covered damages caused by the business owner or an employee. This coverage is typically required when entering into a contract with a third party or pulling permits in a city like Philadelphia. If you or your employees: own or lease a property, have clients visit your location, visit the locations of your clients, or manufacture/sell any products, General Liability insurance is essential for your business. To put it simply, General Liability policies cover the most basic business insurance needs.

3. Commercial Auto Insurance

A Commercial Auto insurance policy provides coverage options for both business and personal usage of the vehicle. In addition, this coveragetypically allows you to buy higher limits of coverage than on a personal auto policy and more adequately protects your business. If you have vehicles of any kind that are used for business purposes, you need Commercial Auto insurance for liability and damage protection.

 

4. Commercial Property Insurance

Last but not least.Commercial Property insurance is a type of coverage that protects any property owned by your business in the event of a covered loss. For example, a fire could incur hundreds of thousands of dollars worth of damage to your property and its contents. However, a Commercial Property policy would serve to cover the costs of these damages. It also covers any lost income during any suspension of operations due to a covered loss. Fire, theft, burst pipes, vandalism, and storm damage could happen to any small business, so make sure you’re covered in case it happens to yours!

 

5. Business Owners Policy (BOP)

If you’re the proud owner of a small business, this is a perfect policy for you to invest in. It bundles GeneralLiability and Commercial Property insurance into one package so you don’t need to worry about purchasing two separate policies. Additionally, a BOP can be altered to cover a variety of risks depending on your own business’ needs. Make sure you purchase separate Professional Liability, Workers Compensation, and Commercial Auto insurance policies as these are not included in a BOP.

 

Regardless of your industry as a small business owner, it is essential that you invest in these 5 policies… especially considering they could save you a lot of time and money down the line!

 

Call Risk Averse Insurancein Media, PA to discuss your business or personal insurance.

Risk Averse Insurance is an insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

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Don and Megan were extremely helpful and a pleasant to work with. Highly recommend. They went above and beyond to get me insured quickly and at a really good rate.
Jojo Anaya
Jojo Anaya
Friendly, helpful and great prices.
Susan Young
Susan Young
Our construction company recently switched over to Risk Averse Insurance. We moved all of our policies over to this company. Our agent, Don Blizzard, was amazing! He was upfront and explained everything to us so we understood what we were getting. He made the process very easy and the turn around was very fast! There were no issues! Not only did we get great deals, we got better coverage than we ever had. I would definitely recommend this company! They are the best!
Kelly Robb
Kelly Robb
I recently switched to this company this year for all my business insurances and couldn’t be happier. The service my agent Don Blizzard provides is amazing. I started recommending to all my colleagues and family. Definitely worth reaching out for quotes if you’re a business contractor. Thanks again team
Louis Litwin
Louis Litwin
Just had to file a big claim for a stolen vehicle full of all my professional equipment----the policy they wrote allowed me to get real value back for my stolen equipment so I can come back even stronger!! Big thanks to my agent Don Blizzard for doing such a great job!
Ed Sheridan
Ed Sheridan
Don Blizzard is my agent with Risk Averse and he is absolutely the best. He is quick to respond with any questions or concerns I may have, gets me my certs way faster than expected, and is great at explaining things in a way that a layman can understand. I highly recommend Don and Risk Averse Insurance.
Sean Carter
Sean Carter
Don is a great insurance guy he dose my personal and business insurance every time I call he answers and takes time to answer all my questions and guides me in the right steps
Blaine Kunselman
Blaine Kunselman
I have been using them for over 5 years now and I'm very happy with the service; they always do the best to get me the best and current up-to-date deals and excellent to deal with. I recommend.
Chauncey Brown Jr.
Chauncey Brown Jr.
Ive worked with Don for the last few year's. When I started my buisness I knew I needed help and didn't know where to start.I knew I needed an absolute beast of an agent and every other owner/ operator I talked too said if "You don't have Don Blizzard as an agent then you dont have the best agent. "He took a chance and helped me grow my buisness to where its at today. Riskaverse is the absolute best and since starting my buisness all my insurance is through them with help from Don Blizzard. He has a way to explain it to me where I understand my coverage and exposure and the commercial side including Meghan are the absolute best at getting COI'S sent to potential clients within minutes of requesting the copy.Hands down I only go where Don goes and I know whatever policies are written and where my coverage goes my loyalty will always lay with Don.He took a chance and grew with me and I'm forever grateful to all the staff at RiskAverse for being family and buisness friendly and not looking at me as a number or a client but actually caring and finding us the best for which suits our needs.#TeamDonBlizzard #TeamRiskAverse#TeamMegan
James LeBoon
James LeBoon
I work with Don. He has helped lots of my family and friends for their business and personal insurance. He is super responsive, honest, and hardworking to make sure you are fully taken care of in every aspect of your policy. He cares a great deal about each unique situation. I am fully confident anytime I refer Don.
Molly Eckman
Molly Eckman
Anytime I’ve needed assistance, the staff has always been accommodating. I have, and will continue to refer people here.
Allison Parasink
Allison Parasink
The best I've ever used. Don and the team make u feel protected and being able to lay your head on your pillow at night knowing you are protected is worth more than gold.
Dolans Bar
Dolans Bar
Don and his team have been great to work with and always very accessible which is important when dealing with the stress of getting your insurance set up and doing it right. Highly recommend!
Ryan Callahan
Ryan Callahan
I had the best experience. Don helped me with both auto and homeowners insurance in getting us the best price with great service. Highly recommend!
Gloria McAllister
Gloria McAllister
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joanne kelly
joanne kelly
Highly recommend!
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Jennifer McGonagle
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