Are you looking to start your own small business? Maybe you’ve already had one running and you’re looking for ways to help it expand. At some point, you might want to consider hiring more employees to share the wealth of your business with. In that case, insurance becomes even more important. Here’s a look at the importance of small business insurance.
Types of Insurance You Need
First of all, let’s talk about some of the types of insurance your small business will need. The top three types are bound to be general liability, property insurance, and workers’ compensation. Health insurance and liability insurance may become essential depending on the industry you belong to; either way, you will want to do your best to protect yourself and your company against losses and accidents that will play out – so be prepared!
General Liability Insurance
With that in mind, let’s discuss what general liability insurance is supposed to do. By investing in this insurance policy, you protect your assets. This is coverage against being sued by an outside party – potential clients and business rivals alike. It helps to cover legal costs, which is important for your business, especially if you are strapped for cash.
Professional Liability Insurance
The second type of small business insurance you can benefit from is known as professional liability insurance. This is also called Errors and Omissions Insurance. It protects your small business against financial losses incurred by lawsuits and claims initiated by customers and clients. Claims relating to negligence, bad advice, misrepresentation, and violations of good faith are some of the mishaps this insurance covers.
Every employee deserves to have health insurance. One of the best ways to attract top-tier talent to your burgeoning business is to offer health insurance to some extent. Your company must be registered as a business according to state regulations where you operate, but it cannot be registered as a sole proprietorship, since that way you’d be ineligible for group health insurance and you would only be able to qualify for individual health insurance plans instead.
Workers’ compensation is one of the most important types of insurance that you can procure for your employees, no matter the size of your business. This way, medical care for any worker who is injured or falls ill will be provided and paid for even if it helps replace lost wages from the time they were unable to work. Along with medical expenses, workers’ comp can help offset other associated expenses like replacement income, retraining costs, living costs, and survivor benefits.
A Customer Testimonial
We have a testimonial from a recent pleased customer. Our own William Fedo assisted Shannon Hagan of the University of Maryland Medical Center. William helped Shannon with an insurance claim with a prompt response time; he was also incredibly helpful and efficient.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!