What Insurance Do You Need for Your Business?

If you’re starting a small business, you probably know what it’s like to work long hours. In fact, you may even feel frazzled from time to time as you work to bring your idea into the world. If you find yourself in this position, you shouldn’t let your full workload delay you in protecting your budding business.

 

Getting business insurance is a necessary step you must take well before you open your doors for business. This insurance is necessary before you even buy equipment or inventory. It doesn’t matter if your company is based inside or outside your home. As soon as you start your small business, you’ll want to consider getting business insurance. It’s plain and simple.

 

The Hartford is here to help protect businesses, like yours, from financial losses caused by property and income risks. Covered risks include:

 

Getting insurance from The Hartford is easy. We offer insurance for businesses also known as commercial business insurance. This can help cover injured workers’ lost wages and help provide access to programs that get them back to work. If you’re not sure what type of business insurance you need, or , talk with The Hartford today. Our specialists will help you learn what types of business insurance you should have and how to get them.

 

Here are five reasons you need business insurance before you get your new business up and running:

 

Every business is unique, which means insurance needs can vary. For instance, the owner of a small home-based business with little equipment may need only general liability insurance. In comparison, an entrepreneur opening a retail shop would likely need a business owner’s policy. These policies combine business liability and business property insurance into one package. It’s also important to consider other variables, such as whether you plan to hire employees or use commercial vehicles. These variables would result in needing a commercial auto insurance policy.

 

Waiting until the last minute to shop for coverage for your business can leave you scrambling to find the right policy. Therefore, setting it up on time is crucial. The last thing you want opening day is an accident that isn’t covered. All the money you’ve been pouring into your small business should not have to be diverted to someone’s hospital bills.

 

If you put off obtaining coverage it can take your focus off starting and growing your small business. When locking up every night, you have more things to worry about than just your inventory. From bills to taxes, to employees and everything in between. Don’t let calling The Hartford to discuss a business insurance policy hold up your success. Stop worrying about loss and start thinking about gain.

 

If you plan to rent commercial space for your business, your landlord will likely require you to show a certificate of liability insurance. That means you’ll want to act fast in getting coverage. If you wait, that perfect storefront or office you’ve had your eye on could go to another business that’s insured.

 

Landlords want to make sure they’re protected too. Business property insurance helps protect your owned or rented building, tools and equipment that you use to operate. This coverage helps cover you in the event of fire, lightning or other covered disasters. Get additional commercial property insurance tips.

 

At The Hartford, we offer flexible insurance options that help you tailor your commercial general liability insurance policy to fit your needs. This helps you address the unique risks your business faces. It also helps you adjust your coverage as your business needs change.

 

As a small business owner, you’ll need to purchase even basic equipment. This includes laptops, copy machines, phones and office furniture. Protect your investment and the tools that help your business run by making sure you have commercial property insurance coverage. Some business owners who start out working from home mistakenly assume their home insurance would cover a loss. However, business equipment coverage is typically limited to a few thousand dollars. Secure coverage before you start buying equipment and inventory. This will ultimately set you and your business up for success.

 

As the owner of a startup, you’ll meet with potential collaborators or mentors. You’ll maybe even take deliveries at your new office or welcome your first customers. All of these activities expose you to liability. For example, the delivery driver dropping off flowers for your grand opening could trip on your walkway. Make sure you have liability insurance for small business in place before you start operating.

 

Your business could temporarily be derailed at any time. For example, say you own a brick-and-mortar store and a disaster forces you to close temporarily. This interruption in business doesn’t stop the bills from coming in. Your business income insurance can help cover your rent and other expenses until you can open again.

 

In another example, say a tornado recently ripped through Louisiana, forcing sections of the city to close. The roof of your business ends up being ripped off from the extreme weather. Your business income insurance can help you to continue to pay your landlord and employees while repairs take place.

 

For the reasons stated above, it’s important for an entrepreneur to get business insurance early in the process of embarking on a new venture. Once you’re covered, you can actually get down to business.

 

The Hartford insurance company prides itself on helping our customers prevail through the unexpected. As one of the most trusted names in insurance today, we’ve been recognized as a World’s Most Ethical Company^® 14 times by Ethisphere.¹

 

Contact The Hartford today at 855-829-1683 or get a quote today online and learn how we can help protect you and your business from whatever life throws your way.

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