A Guide to Small Business Insurance

Running a small business is not an easy task. In other words, it can be time consuming and stressful. Being a business owner means you are responsible for a lot of things and a lot of people. Therefore, it is important you have the right business insurance policies in place to protect what you have worked hard to create. Find below a guide to understanding different types of business insurance and why they are important.

Types of Business Insurance

1. Business property insurance – this type of insurance protects your business in the case of natural disaster, theft, fire and certain types of water damage
2. General liability insurance – coverage for claims involving bodily injuries including legal fees, medical fees, and property damage
3. Professional liability insurance – this will kick in if a customer sues you for financial harm in the case of errors and mistakes, undelivered services or substandard services
4. Commercial auto insurance – if your operations include using trucks, delivery vehicles, private passenger vehicles, etc then you should have a commercial auto insurance policy for your business
5. Life insurance – life insurance provides financial security to your loved ones if you were to pass away. As a business owner, consider what would happen to your business and your family if something were to happen to you
6. Equipment breakdown coverage – if you rely on major pieces of equipment to run your business and serve your clients then this type of insurance is important
7. Employee benefits – your employees are a huge part of your business’ success. Therefore, you need to make sure they are taken care of with a competitive benefits package. A few things to consider are worker’s compensation, short-term disability, group life insurance and accidental death and dismemberment. In addition, don’t forget a 401(k) plan which we offer through Hoch Financial.
8. Business owners package (BOP) – this is a package deal that can save you money. It combines liability and property insurance.

Specialized Agents at Hoch Insurance

By working with an independent agent at Hoch Insurance, you have the peace of mind that you are working with a specialist in this area. Above all, your best interest is our top priority. There is not a once size fits all policy and therefore it’s important to have someone who is evaluating your specific business’ needs. For example, finding yourself in a claims situation without the correct coverage can be detrimental to your company.

Hoch Insurance has agents who specialize in commercial insurance, among other things. We know how important it is to protect your business and we will help make sure you have the right coverage in place. In conclusion, Call Tom Fields who is our VP of Commercial Insurance, and he will find you the best coverage and rates for your business needs.