Please ensure Javascript is enabled for purposes of website accessibility

How To Determine Your Small Business’ Insurance Needs

How To Determine Your Small Business’ Insurance Needs

Are you a small business owner? If so, that means you work long hours to build something amazing for your family and employees … and you probably don’t have a lot of free time to think about insurance. Whether it started as a hobby or you inherited the family business, it’s yours to manage, grow and protect. But does your business have the appropriate insurance coverage it needs to protect it (and you) from all the curveballs life might throw its way?

General Liability Insurance

The most basic and most essential insurance policy every business owner needs is a general liability insurance policy. Why? This insurance coverage protects you and your business by providing the financial means to pay for property damage, bodily injury and legal costs associated with a lawsuit.

For example, say a customer slips and falls in your store and breaks their ankle or employee dings a customer’s car with a forklift. General liability insurance will keep you from personally being liable for the medical bills and save you the headache of dealing with auto insurance companies. Speaking of which…

Commercial Auto Insurance

If your small business employs drivers or your employees drive to meet clients, you need a Commercial Auto insurance policy, plain and simple. Even if your employees have personal auto insurance and drive their own cars for work, you can still be held liable if they’re in an accident while they’re driving for the company.

The last thing any small business owner needs is to send an employee out to buy a box of staples and find themselves battling with another driver’s insurance company over a fender bender.

Commercial Property Insurance

Unless you’re a completely remote company, the four walls of your business or brick-and-mortar store are essential to keep the money flowing and paychecks going out.

If your business has a significant amount of property and physical assets, you need Commercial Property Insurance. This policy will protect you and your employees in the event of equipment breakdowns that slow production or other unforeseen events that temporarily lay off staff who need their paychecks.

But remember, not all commercial property insurance policies are created equally, and you need to find one that reflects the value of your property today and insurance that covers you after both for minor damage and total devastation.

Cyber Liability Insurance

If your business is connected to the internet (which we can bet it is), it’s vulnerable to a cyber breach or hack. Major companies including Capital One, Target and even Equifax have fallen victim to security breaches over the years, but worse? Those are just the one that make the news. The bulk of hackers target small businesses.

You might be wondering what a Cyber Liability insurance policy can do to protect you and your business. Well, a lot.

Cyber Liability insurance covers multiple types of data breaches including data restoration, computer fraud, e-commerce and more. But what does that truly mean for your business? This insurance policy can protect you from loss of income, help anyone who suffered due to the breach or hack and help get your company’s reputation back on track, making it essential for any modern business.

Schedule A Free, No-Obligation Consultation

SFM Insurance is here to help you find the right coverage for your small business — whether you own a restaurant, medical practice, flower shop or are an independent contractor. If you’re ready to review your current coverage or find a policy that better meets the needs of your business, reach out for a free consultation today and let us craft a policy specifically for your needs. For more tips and our latest updates, visit us on Facebook, Twitter or LinkedIn!