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Essential Insurance Considerations for Your Small Business

Wed, Sep 05, 2018 at 3:30PM

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You’ve worked hard to build your small business into the successful operation it is today. That’s why protecting your investment is more important than ever. Still, some company leaders get perplexed or overwhelmed when it comes to securing the best insurance coverage. It doesn’t have to be that way.

Instead, there are simple and affordable ways to safeguard your small business against a variety of potential scenarios. Plus, it’s possible to get only essential coverage, without having to pay for features and services you don’t want or need. Get started by following these suggestions:  

Risk Management

You may have heard the grim statistics that many small businesses fail in the first five years. Economists say that’s partly because owners didn’t take a total picture view of the company’s financial health. So, knowing where you stand in terms of potential risks is integral.

To achieve that goal, it’s wise to meet with a skilled and qualified insurance agent who can help you formulate a plan tailored to your specific desires and requirements. At Insurance Solutions of America, our friendly and knowledgeable team members can offer you valuable assistance on a variety of coverage options, including business insurance, church and school, bar and tavern, fire suppression insurance, and more.

Fire and Disaster Coverage

Of course, you don’t want to think about a devastating incident happening in your workplace. The fact remains, however, that any small business is vulnerable to disaster. That includes fire, theft or vandalism, severe weather, and other scenarios.

Specifically, in the case of fire damage or loss, the fallout could be crippling. Many companies have been forced to close their doors forever. Even if you rebuild, some customers may be wary of re-entering your business. Others will have already found another outlet with which to do business. Why put yourself in that compromising situation?

Partnering with a trusted and reputable insurance firm will help keep your property secure. When you get valuable business or restaurant insurance, you’ll have the peace of mind that you’re covered against a variety of potential threats.

Workers Compensation and More

Even the safest workplaces are prone to the occasional accident. You want to ensure your employees have a safe and comfortable place to work. It’s also important for those workers to know that they’ll be taken care of should an on-site incident occur. Though the exact details vary by state, workers compensation is required by law. Aside from that fact, this essential coverage protects you against costly lawsuits.

Along those same lines, general liability insurance shields your small business from third-party claims and lawsuits. Securing this coverage will help you avoid potentially-damaging consequences. Meanwhile, umbrella insurance coupled with other coverage helps safeguard important company assets.

Other Essential Coverage

This is just a sampling of the many coverage options available to you. In the end, your insurance needs will be specific to your individual goals and ventures. That’s why it’s important to speak with a dependable insurance agent who can help you determine and implement a personalized plan.

For example, other popular coverage solutions include commercial auto insurance, property, life, health, bar insurance, business owners’ policy (BOP), and much more. In addition, if you haven’t updated your church insurance policy in a while, now’s a great time to make changes and secure additional necessary coverage.

For years, Insurance Solutions of America has helped small business owners protect their company assets, so they can focus on the growth and prosperity of the business. From fire protection insurance, bar and tavern, business insurance, personal lines, and more, our reliable agents will work with you to create a plan tailored to your specific needs. Contact us today to get started.


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