Every business—whether a one-man home business or a big corporation—needs insurance to protect its integrity in the aftermath of various damaging situations. But which insurance policies are truly necessary and which policies are mere icing on the cake?
All businesses should consider these three basic insurance policies:
- Commercial property insurance: This covers damage to the building, furniture, equipment, inventory, computers etc.
- Commercial liability insurance: This covers expenses associated with a third party (non-employee) getting injured on business premises or suffers property damage at the hands of your business.
- Errors and omissions insurance: Also called professional liability insurance, this covers expenses associated with claims that your services caused a client financial loss or other damage.
If your business employs more than just yourself, it will have more liability risks. You suddenly become responsible for the safety of your employees, workplace equality and any mistakes made by your employees. Consider adding these policies on top of the previous basics:
- Workers compensation insurance: Required in most states, this covers expenses associated with employees getting injured on the job, including medical bills, lost wages, physical therapy, disability and funeral expenses.
- Employment practices liability insurance: This covers legal expenses if your business is sued by an employee for harassment, discrimination, wrongful termination or unpaid benefits.
Depending of the size of your business, you may also be required to offer group health insurance to your employees. Talk to your independent insurance agent for a customized assessment so you can build an insurance portfolio that meets the unique needs of your business.
Get started today. Call Sweet & Baker Insurance Brokers at (415) 512-2100 for more information on San Francisco business insurance.