Small Business Insurance

Small business insurance

Taking some risk is part of every business, but too many risks and failing to protect yourself properly does not make good sense for any business. Take a moment and think about what risks could your business withstand? What amount of losses can your business survive? Your personal life and business situation will determine the right type of small business insurance for your needs.

Protect Assets and Key People

Your business probably has a variety of assets, such as vehicles, an office and equipment, inventory, an important business partner or perhaps even more importantly, yourself! Safeguarding all of your assets can protect your business from potential risks<. There are many choices out there, but not all of them may apply to you so here are some of the small business insurance options usually given consideration:

Insurance for Business Owners and Partners

These types of commercial insurance protect your business as well as your income.

  • Disability Insurance – provides you with an income if you cannot work due to an illness or injury.
  • Partnership Insurance – allows you to purchase shares and keep operating your business if your business partner passes away.
  • Critical Illness Insurance – provides you with a lump sum benefit if you are diagnosed with a critical illness.
  • Life Insurance – protects your family in the event that something happens to you, which is especially important for a sole proprietorship.

Insurance for Business Property and Earnings

This insurance is necessary to protect your assets and earnings in the event of an emergency or disaster.

  • Property Insurance – covers the building and property owned by your business in the event of damage or destruction.
  • Contents Insurance – covers the assets that are kept at your business premises.
  • Business Interruption Insurance – covers your loss of earnings if you are temporarily shut down.
  • Commercial Vehicle Insurance – protects any vehicles that your business owns, or uses for business purposes.

Types of Liability Insurance

In spite of our best efforts, mistakes do happen. When these mistakes hurt your customers, this insurance protects your business from being sued.

  • General Liability – covers property damage or personal injury caused by you or your employees.
  • Product Liability – provides protection if your products cause harm to anyone or are faulty.
  • Profession Liability – provides protection if you are sued by a client for financial losses when you are providing advice, consulting or offering other professional services.

With the right commercial insurance in place, you will have a safety net for both your personal and professional life.

Ask a Small Business Insurance Expert

If you have any questions about insurance or would like some no obligation quotes, please contact Sean McNamara at Mitchell & Whale Insurance Brokers at 1-800-731-2228 or email me at smcnamara@mitchellwhale.com. I’d be happy to help you with any type of commercial insurance.
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