There are tens of millions of small businesses scattered across the United States. Sole proprietorship or one-man business is even on the rise with the figure at 40.5 million, according to the Bureau of Labor statistics.
While the emergence of small businesses is terrific for the economy, it is survival of the fittest. As a result, you need to look for ways to stay ahead of the pack.
A surprising way to stand out is to have the right small business insurance. With the right policies, you will win contracts and be able to bounce back should there be disasters. Here are the essential policies that will give you a boost.
This is the basic form of insurance that every small business should have. It offers primary protection and can make your life easier. It could be your most significant selling point as it protects you against lawsuits, and can help pay for damages.
It comes in handy should there be accidents on your sites. We know that any accident on your property is not your fault, but you will be held accountable.
With General Liability Insurance, you will not have to foot the cost for injuries like the ones above. Besides, it might be part of the requirements you need to get a property. Many landlords need this to protect themselves should accidents occur on the property.
There are some line of work in which when you deliver jobs to the client; they could get upset for no particular reason and sue you. This is common in expertise like real estate, business consulting, IT, and other service industries. Getting professional liability insurance will be of immense help.
No matter your level in the field: trying to make a name for yourself or you are one of the big guns, professional liability insurance will go a long way in convincing top paying clients that you are capable. This will help them recoup loss if a project is flawed, overdue, or delayed.
Professional liability insurance sets you out because it serves as proof to clients that they won't lose money if things go south. As a result, it is a way to stand out from the crowd if you care about landing deals with high paying clients. It is an excellent way to build credibility as it reveals that your business is stable enough to qualify for coverage.
As a small business with an employee, worker's compensation insurance is vital as well. It serves to cover medical expenses and replacement wages, should there be workplace injuries.
As soon as you hire a worker, full time or part-time, many states mandate you to have such a policy. In some states, even without workers, it is essential. Various states have their requirement hence know what is required of your location.
If you fail to meet the coverage requirement, there is a high possibility of a fine in many states. California, for instance, fines you $500 per day with the possibility of jail time.
It is essential and reasonable to protect your investment. This explains why commercial property insurance is essential with every new piece of equipment you buy. This applies to properties and real estate as well. These policies take care of damages caused by fire, windstorm, theft, vandalism, or natural disaster.
Many times, you might not be able to get a mortgage for a house without a homeowner's insurance. Property insurance also comes in handy in buying or leasing an office, warehouse, or store. If you rent a property, this policy will protect all the things you have in the building. If the building is yours, the policy will protect the structure and its content.
According to history, 40% of small businesses do not bounce back after an incident. This can be traced to the high repair and cleanup costs. With this insurance, no devastating event will be able to fold your business up
There are too many uncertainties in the business world. The right insurance policy, however, gives you the peace of mind that your business will stand the test of time. No disaster, competition, or loss will be able to shake you!
Valderas Financial Solutions LLC