As many aspiring entrepreneurs and company owners will tell you, starting up a small business requires a sizeable investment of both time and money. Consequently, this means that you have a great deal to protect especially when it comes to the financial security of your company. Having the proper small business insurance coverage in Lawrenceville, GA ensures minimizing the financial risks associated with those unplanned events that could threaten the success of your company. Basically, it protects your investment with a variety of different coverages.
The state of Georgia requires that all businesses with 3 or more employees (owners included) carry State Disability, Workers Compensation, and Unemployment insurance in order to protect their employees should they get injured or lose their jobs. In addition to this, some states require that specific business activities be insured as well. If your vehicle is used for business purposes you may be required to have a commercial auto insurance policy.
Furthermore, your bank, lender, or investors may want to protect their investments and require you to carry other small business insurance coverages in Lawrenceville, GA as well such as business interruption, fire, flood, and life insurance. So it is important that you understand what coverages are available as well as which ones will be appropriate for the type of business you own. Regardless, The Ephraim Group can assist you with all your small business insurance needs no matter what size or type it is.
Types of Coverages
Most individuals are unaware of the types of coverage options that The Ephraim Group currently provides small business owners. You just need to determine which coverages best suit your needs and the needs of your company. Here is a breakdown of what you should consider when shopping for the right small business insurance policy in Lawrenceville, GA to meet the needs of your company:
Business or commercial auto coverage – whether you use your personal vehicle for your business or you own a large fleet of trucks, this will protect you and your company against any liability arising from an accident involving them.
- Coverages relating to your employees – employment practices liability coverage will protect against a past employee filing an unfounded claim against your or your company. Another key coverage is Workers Compensation which helps to protect against employee injuries on the job.
- Data compromise coverage – also known as “data breach” coverage, this protects against any legal fees that result from the accidental release of theft of customer or employee personal data.
- Liability insurance coverage – this coverage protects you against lawsuits and legal fees. There are three types of liability:
- General liability – protects you against lawsuits that may arise from accidents, claims of negligence, and injuries to employees.
- Product liability – protects your company if you manufacture or sell products that are defective and causes damages or injuries to another person.
- Professional liability – service-oriented businesses typically purchase this type of coverage. It also protects you against mistakes and negligence.
- Property insurance coverage – protecting your tangible investments is essential to your business. Whatever it takes to make your business operate smoothly, you need to protect these items. You can purchase coverage for your building and its contents such as equipment, furnishings, inventory, and other property.
When you shop for your small business insurance policy in Lawrenceville, GA at The Ephraim Group, there are a number of considerations to keep in mind. For instance, if you operate your business out of your home, your homeowner’s policy will provide you with limited coverage for business-related property. In fact, there may be no coverage at all for essential items such as customer repair items, supplies, tools, and more. So you should think about purchasing small business insurance coverage.
You invested a great deal of money and time in order to get your business up and running. So the last thing you need to do is risk losing it all when you worked so hard to turn your dreams into reality. The success of your business is important to us and the last thing we want to see is the failure of it. Contact The Ephraim Group today and let one of our representatives discuss your small business insurance in Lawrenceville, GA needs as well as protecting your investment.