Small Business Saturday is right around the corner, and we encourage you to shop small for the big day! Small businesses are what make our communities great, and Sarasota County has hundreds of small businesses pitching in.
Knowing what type of insurance you need as a small business owner can be difficult. Even if your operation is small, you might still need the same insurance many big players in your company have. Here are the types of insurance you should consider for your small business:
General liability
This type of insurance can provide both defense and damages is you, someone who works for you, or the product or service you provide causes injury or damages to a consumer.
Property
If you have a small business, you have to have someone to operate that small business (even if it is out of your home). You also have technology, inventory, and other equipment. Property insurance can protect these items.
Business owner’s insurance
There are many packages designed specifically for business owners. These will usually combine several different policies to give you the coverage you need, even if your small business consists of just you.
Auto
If a vehicle is involved in your business, whether you have work vehicles for your employees or have commercial vehicles to transport and deliver products, auto insurance will cover those vehicles.
Worker’s comp
If an employee is injured on the job, worker’s comp will help pay for their medical costs and the time they have to take off work. If you have W2 employees, your state likely requires you to have a worker’s compensation policy.
Professional liability
A policy in this vein will provide for damages and defense if your business fails to or renders improperly the professional services you are offering. General liability will usually not include this kind of coverage, so it is often required to have both. This is most common required for accountants, lawyers, real estate agents, insurance agents, notaries, etc.
