What Types of Insurance Should Every Small Business Carry?
Running a small business requires hard work and sacrifice, but it can be an exceptionally rewarding endeavor. Having the right insurance coverage can help to ensure that an unexpected glitch or problem won’t derail your efforts and can afford you the peace of mind you’re looking for. Our experienced Michigan business insurance agents at Hartman Insurance Agency, Inc., have extensive experience helping small business owners like you effectively address their insurance needs, and we’re here for you, too.
The Basics
Streamlining is important to you as a small business owner, and this is why many titans of smaller enterprises bundle the basics. This generally translates to a business owner’s policy (BOP) that combines both general liability and commercial property insurance.
General Liability Insurance
Your general liability coverage will address any third-party claims that relate to bodily injury, property damage, and non-physical harms caused by advertising campaigns. This is the classic business policy that will cover you if a customer slips and falls on your premises due to negligent upkeep or care.
Commercial Property Insurance
Commercial property coverage protects your business’s physical assets. This includes the building itself as well as your inventory and equipment. This protection extends to disasters such as fire, smoke damage, vandalism and theft, and storm-related damage from wind, hail, lightning, and falling debris.
Professional Liability Coverage
Professional liability coverage, or errors and omissions insurance, is important for small businesses that provide their clients with service or expert advice. If an error on your business’s part causes a client to suffer financial loss, this form of insurance will address your legal defense.
Home-Based Business Insurance
If you run your small business from home, which is becoming increasingly common throughout Michigan, you should seriously consider home-based business insurance coverage. These policies are sold as riders to homeowners’ insurance and offer protection for scaled-down business equipment, as well as liability coverage for injuries to third parties.
Commercial Auto Insurance
If your small business owns, leases, or operates a vehicle that is primarily used for business purposes, the State of Michigan requires commercial auto insurance. This coverage addresses your legal fees and the legal damages that third parties suffer in the event you or an employee is deemed responsible for a traffic accident.
Umbrella Policies
Liability insurance policies have caps on coverage. Umbrella insurance adds another level of protection that covers losses exceeding these caps within the umbrella policy’s own limit.
Discuss Your Coverage Needs with Our Experienced Michigan Business Insurance Agents Today
Small business owners experience insurance needs specific to their companies. Our trusted business insurance specialists at Hartman Insurance Agency, Inc., have the knowledge and insight to help you implement effective coverage in response to your company’s requirements as well as to your budget. For more information about everything we can do to help, please don’t delay reaching out by contacting us online or giving our agency a call at 734-245-2678 today.