Key Employees & Risk

Small Business Insurance is one of the most important and necessary documents you can have in your business. Small Business Insurance helps protect your assets and helps you manage your risk in the event of loss or damage. A typical small business insurance policy will cover property, equipment, workers, and inventory. The total policy can cost well over ten thousand dollars.

The average commercial or private property damage liability insurance policy is usually $30,000. This is why a good Business Owner s policy (BOP) can be helpful to many small businesses. This coverage combined with business property and liability insurance risks coverage can help you customize it into something that fully meets any gaps that your own BOP does not cover. The good news is that there are companies that can customize your policy so that it is the perfect fit for your company. You can also get several different quotes from one provider so that you know you are getting the best price available. Visit here for more information about Small Business Insurance Quotes.

Businesses often need to purchase Workers’ Compensation and/or Employment Practices Liability Coverage. Workers’ compensation coverage protects an employee against lost wages, pain and suffering, and other benefits that would be offered by an employer. In the state of California, this coverage is considered mandatory. The typical Workers’ Compensation coverage includes medical examinations, a review of the employees physical condition, and the determination of wages loss. Most employers are required to carry this coverage; however, they are not required to include it as part of their Small Business Insurance policy. Only about twenty-five percent of all companies offer this coverage.

Another important type of Small Business Insurance coverages is business property coverage limits. Business property coverage limits will vary depending on your location and the type of business that you operate. Some of the main types of business property coverage limits are general liability limits and workman’s compensation limits. There is a limit to protect your business equipment, computers, and other items that are used in your place of business.

Most insurance providers will require employees to have Employer Sponsored Plans (ESPP) or group insurance through which they are able to deduct premiums and receive other benefits from an insurance company. These types of plans can also be used by small businesses that are considered tax exempt. Employer sponsored plans have many benefits including, group health benefits and disability income protection. These benefits and premiums are paid directly to the insurance company by the employers. Individual health insurance, or individual health coverage, are designed to meet the needs of the small business owner.

Small business owners will have a variety of risks to consider. Depending on the type of industry that they are in, the different types of insurance that they need will vary. Being proactive and working with an insurance provider that understands the type of risks that they face is the best way to ensure that you are covered in the event of these risks.

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