The Insurance Safety Net Your Small Business Needs

​Not all businesses have insurance. A recent survey's result shows that less than three in ten business owners have basic insurance. This insurance covers general liability and commercial property insurance that protects against loss. If your business doesn't have insurance, you may want to get one as early as possible. The following are the safety features of small business insurances: 

1. Business Owner's Policy (BOP) 
   Business owner's policy generally includes coverage of general liability and commercial property. These two elements pose the greatest risks for entrepreneurs. General liability protects your business from lawsuits. It's security from customers who have had bad experiences in your establishment. Commercial property coverage provides protection to your business after calamities have hit it. 
   
   
2. Business Interruption Insurance 
   Business interruption insurance protects you if your establishment closes and you lose income. You can't tell what is going to happen in the future. Anything can happen that is undesirable and is beyond your control. So, you have to be prepared in advance at all times to face unexpected negative events. One way of doing this is by getting business interruption insurance. 
   
   
3. Errors and Omissions 
   Errors and omissions are also referred to as professional liability insurance. Professional service businesses usually use this kind of insurance. This insurance protects your business from lawsuits when you've done something wrong. Or when you have not. If your business is a professional service kind, then you should get this coverage. 
   
   
4. Cyber Insurance Coverage 
   Don't take cybercrime for granted. Many businesses which have taken it for granted come to regret it later on. Small businesses are common prey to cyberattacks. Many small businesses don't have complete equipment to protect IT facilities from cybercrimes. If the situation applies to you, you need to get insurance coverage. 
   
   
5. Workers' Compensation Coverage 
   This coverage protects employees so they can recover when they are not able to work. This policy coverage includes work-related injury and illness. Job risk, claims history, and payroll size are factors that affect workers' compensation. 

Conclusion
There are times that you may not be able to protect your business against all damages. But, it doesn't mean that you wouldn't be making an effort to protect your business, either. Getting insurance coverage may have more benefits than downsides for your business.

At Priority Insurance LLC, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (864) 297-9744 or Click Here to request a free quote.