Whether you’ve been in business a while in the Worcester area, or just started, you know that controlling costs keeps your business afloat. As a cost-control measure, you may have put off insuring your business because you're not sure how to balance insurance needs with budget concerns. The bottom line is this: You have to decide if your business assets are worth protecting and, if so, to what extent. A qualified insurance agent can guide you through small business insurance decisions, starting with general liability.
Basic Liability Small Business Insurance
Your Worcester business success depends on customers, vendors and many other professionals. If these people visit your place of business and sustain an injury, you may be held responsible. General liability insurance will help in this case. Be sure to have adequate coverage in place based on the frequency and extent of guest visits. Liability coverage may apply even if you have a home-based business — think delivery persons tripping and falling on your property.
The following are other small business insurance options worth considering.
Worcester Property Protection
Business property can be lost or stolen. If losing this equipment can hurt your business, consider getting business property insurance for protection. If your business is home-based, you should consider business property insurance as well, since home policies don’t typically cover the business use of personal property.
Even if you're a Worcester business rock star and have met customer expectations in every way, your professionalism might be called into question one day by a client who holds you responsible for damages based on errors or omissions in your work. Give your business protection with professional liability insurance.
Small Business Insurance for Your Wheels
Owning or operating a vehicle for your Worcester business means you need business auto insurance. If you operate a personal vehicle for business purposes, using your personal vehicle policy puts you at risk of non-coverage and claim denial should an accident occur. A commercial vehicle policy provides higher coverage limits due to increased risks and liability.
Don’t forget about employees. Most states require you to have workers compensation insurance to cover employees on the job. This insurance covers medical costs and wage benefits for employees who sustain a work-related injury or illness.
There are quite a few business insurance options to consider. If choices seem overwhelming, it may be time to find a knowledgeable agent for help. When budgets are limited, a good agent or broker can help you map out a small business insurance plan, starting with the basics and adding additional coverage as your business grows.