As a small business owner, insurance is extremely important in order to minimize a loss in the event of property damage, lawsuits, etc. Here at The Ephraim Group we specialize in working with you to create the best possible small business insurance policy tailored to your individual needs.
Working with one of our insurance professionals not only gets you the best protection possible, but minimizes the stress associated with your big name insurance companies. You’re more than just a number to us. We want to do all we can to help you succeed.
Types Of Insurance For Small Businesses
There are four main policies every business needs consider in order to protect themselves over the course of doing business. Below we have listed some information on these policies and their purpose:
Liability insurance is designed to protect you in the event of a lawsuit or claim. It’s unfortunate, but any business can be sued no matter their size. This makes liability insurance extremely important to minimize losses.
Your liability insurance policy will cover any attorney fees and other legal expenses as well as cover any damages that you might be found liable for up to the limit of your policy. Also, your liability policy will help cover the medical bills of anyone injured at your business and its operation.
Property insurance is a type of business insurance that covers you in the event of common hazards such as theft, fires, etc. Not only does it cover the property itself, but it also covers personal affects or property such as machinery, computers, materials, furnishings, inventory, and any items that are necessary for day to day operation.
Your property insurance coverage doesn’t typically stop at personal belongings. It can even provide funds for your operation while you recover from your losses after an extreme disaster. Different property insurance policies may also cover debris removal, water damage depending on the circumstances, breakdown of vital equipment, and various other losses.
Workers Compensation Insurance
All states excluding Texas require business owners to purchase workers compensation insurance after they have exceeded a certain threshold of employees. Typically, the number has t be above three up to a maximum of five as it varies from state to state. For example, Georgia requires businesses with 3 or more employees, including the owner, to carry worker’s compensation insurance.
A worker’s comp policy pays for a portion of any lost wages, as well as medical bills for any employee injured from day to day business operation. If a worker happens to be fatally injured from any business operation, the policy will provide compensation to the employee’s family.
Business Vehicle Insurance
Business vehicle insurance simply provides coverage for any vehicles owned by the business. If you use your personal vehicle for business purposes, most personal insurance policies for auto coverage will exclude any accident caused by business operations from your coverage.
Purchasing business vehicle insurance will cover any costs for civilians that arise from property damage and injuries you are found liable for up to your policy limits. Different policies may even cover the repairs or replacement of your vehicle should it be damaged in an accident, flooding, accidents, etc.
Purchasing A Policy
Buying insurance can quickly feel like an overwhelming and daunting task. There are just so many options. The main thing we encourage people to understand is that every situation is different. Taking a “one size fits all” approach to insurance almost always ensures that there will be gaps in your coverage- areas of your business where you are at potential risk.
Far too often, people gravitate to insurance companies they’ve heard of before or ones with the cutest commercials. The problem with taking this approach is that whatever company you go to has a specific set of policies available and their rates are fairly predetermined. There is very little flexibility for the you, the business owner.
The Ephraim Group is an independent insurance agency. This means we work with a wide variety of insurance companies, so we are able to identify your needs and shop around for different polices and coverage. We’re able to help you find the best coverage at the most affordable rate.
When you’re in the market for small business insurance, let the experience agents at the Ephraim Group help you determine exactly what makes sense for you. Get the right coverage at the right price. Call us today and let’s get started.