Business insurance can be a tricky world. Imagine sitting at your desk and pouring over your ledger, working hard to make sure all your ends meet. You’ve balanced your ledgers, filed your invoices, and everything is done for the day. You turn out the lights and go to bed.
The next day, an employee trips over a spill in your building and hurts themselves. You value your employee, but you didn’t get worker’s compensation. So, now you have a hard choice to make; should you pay out of pocket for their hospital bills and put your company at risk, or keep your business healthy at their expense. It’s a choice no one should have make, and with the right coverage, no one has to.
That’s where we come in. This list contains all the big-label insurance types that are offered to you when starting a new business and an explanation for why you need each type. Remember, knowing is half the battle.
It may come as a surprise how many people go uninsured, but it’s the world we live in. It may be lack of knowledge, or fear keeping you from reaching out. When you read our guide, it’ll get you closer to where you need to be: covered and at peace.
What: Group Insurance
If you’re a specific group of individuals, then you qualify for group health insurance. It’s a policy that benefits both the insurance company and the beneficiaries, providing health insurance essentially at “wholesale.” We’ve got another guide here if you want an in-depth look in how to start.
Why: People Fall Ill
Flu season hits every year. Some people get shots, and others don’t. When doctor visits come around, your employees will need help in getting medical attention. A big bonus to your company morale is peace of mind that you’re covered. Quicker recovery from illness means your employees are back and ready to support you sooner.
With the 2018’s flu season over, the CDC found it to be the worst season since 2009, classifying it as “high severity” for the first time in all age groups. That’s just the flu alone, not taking into account foodborne illnesses, broken bones, STI’s, or other viral infections. With so much affecting the population, can you really afford not to cover your employees?
What: Business Owner’s Policy
Everyone likes a bundle, right? This policy bundles business property and general liability insurance. There are many risks with daily business that have nothing to do with finances. Fires, theft, and other hardships can strike even the well-prepared.
Why: You Can’t Predict Everything
It’s an unfortunate reality, and one fact we have to live with. Bad things happen even when we lock up at night and set our alarms. Thieves can break in and take your hard-earned money, changing everything in just a few hours. When it comes to plain bad luck, it’s best to have coverage for your company. In 2016, the business robbery rate was 8.8%. That’s about 1 out of every 10 small businesses suffering. Put ten bottle caps in a hat and mark one with a pen, then reach in and draw one out. Do you feel good about your odds of picking the unmarked one? Is it worth the risk?
What: Professional Liability (Error’s & Omissions)
If you have a lawsuit or a similar claim against you, this is the insurance type for you. With a company, these types are high-risk. Scammers and con artists look for ways to skim money from your bottom line. With these policies, you will have coverage no matter who is in the wrong.
The Why: People Sue
Over 100 million cases are leveled against small businesses in court per year. Imagine someone is sitting in your cafe and a light fixture falls on them. Is it your fault? I would say probably not because you didn’t put up the fixtures. Is it their fault? No, they were only working. However, this is a situation that can pop up. With liability insurance, you can get this fixed in a way that your business won’t suffer and neither will your unlucky customer.
What: Worker’s Compensation
This is a mandatory insurance type for companies because of the protection it offers to both employee and business. Should something happen to an employee and it’s work related, you’ll be covered in that event, preventing a lawsuit while simultaneously giving them medical care.
Why: People Have Accidents
Humans are prone to mistakes. We get hurt, and this affects our jobs. Like the earlier situation, it’s not about who is at fault, but rather what steps to take to ensure the well-being of both employee and business. Every year, thousands of people are injured in the workplace, and you need coverage for it.
What: Cyber Liability
If a data breach happens, it can not only drain company time and resources but also hurt your reputation. Online reliability is a major factor in company success now. This policy will keep you covered in situations like identity theft or other operations involving the computer.
Why: Technology can Hurt and Harm
With so much online now, more businesses are suffering from cyber attacks. Every day now it seems another data breach is in the news, flooding our emails with password changes and information warnings. Our lives are easier because of powerful computers and newly invented tools. On the other hand, it makes it easier for others to take advantage of us using only a laptop. There is a constant rate of cyber attacks, one every 39 seconds to be exact. This is the highest risk from sheer quantity alone.
You don’t want to find yourself in a situation where you have to choose between your company’s health and someone else’s. Now that you know what’s out there and the risks, you can plan for a better future by reaching out to our agents.
EZ.Insure is there to make sure you succeed. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing firstname.lastname@example.org, or calling 888-615-4893. EZ.Insure makes the entire process easy, and quick.