Things to Know About Small Business Insurance
Small business insurance is essential for protecting your business from potential risks and liabilities. Ford Insurance Agency provides small business insurance in Oklahoma City, Norman, OK, Moore, OK, Midwest City, Shawnee, OK and surrounding areas.
These are some key points to understand about it:
Types of Coverage:
- General Liability Insurance: This covers claims of bodily injury, property damage, and legal defense costs. It’s the most basic form of protection.
- Commercial Property Insurance: Protects your business’s physical assets, like buildings, equipment, and inventory, from fire, theft, and natural disasters.
- Professional Liability Insurance (Errors & Omissions): Covers mistakes or negligence in professional services.
- Workers’ Compensation Insurance: Mandatory in most states if you have employees, this covers medical expenses and lost wages for employees injured on the job.
- Business Interruption Insurance: Compensates for lost income during times when your business operations are interrupted by a covered event.
- Cyber Liability Insurance: Protects against data breaches and cyber-attacks, which can be crucial for businesses handling sensitive customer information.
Customization and Industry-Specific Needs:
- Depending on your industry, you may need specialized insurance. For instance, a construction company may need contractors’ insurance, while a restaurant might need liquor liability coverage. Small business owners can tailor their policies to meet specific risks relevant to their business.
Costs and Factors Affecting Premiums:
- The cost of insurance varies based on factors like the size of the business, number of employees, location, industry risks, and coverage limits. Higher-risk industries will face higher premiums. Shop around to find the best rates.
Legal Requirements:
- Some forms of insurance, like workers’ compensation, are required by law. Additionally, clients or partners may require you to carry certain types of coverage to enter into contracts or agreements.
Proper insurance coverage safeguards your business from unforeseen events, providing peace of mind and financial protection. If you have any questions, please do not hesitate to call us.
