Most small business businesses in the U.S. face myriad challenges, including inadequate finances and stiff competition. These challenges can easily cause a business to collapse. In fact, according to the U.S. Bureau of Labor Statistics (BLS), 20% of small businesses in the U.S. collapse within the first year of their existence. Natural disasters, lawsuits, property damage, theft, accidents, and cyberattacks are other perils that could ruin your business.
To protect your small business from such unfortunate incidents, you should consider purchasing the right business insurance coverage. At Burton A. Harris Insurance Agency, we make it easier for small business owners to access tailored business insurance policies.
We Can Help Insure Your Small Business
In case a peril strikes in your small business, causing bodily injuries and property damage, you will have to pay for the resulting costs. Depending on the financial position of your business, paying for such expenses out of pocket will likely harm your finances. That’s where small business insurance comes in handy. Specifically, it covers the costs of theft, fire damage, water damage, legal costs, and any related medical expenses, hence, saving your business finances. At Burton A. Harris Insurance Agency, our insurance products for small businesses include:
Business Liability and Property Insurance– Natural disasters such as wildfires, earthquakes, floods, tornadoes, and hurricanes could cause your business to suffer huge losses. Moreover, your business operations could also cause third-party property damage or bodily injuries, leading to liability claims. Therefore, you should carry both business liability and property insurance policies.
Workers’Compensation Insurance – In the U.S., only the state of Texas does not require employers to carry worker’s compensation coverage to cover the medical expenses, lost wages, and funeral expenses resulting from a workplace accident, illness, or death.
Business Life Insurance – To attract top talent and prepare your small business for the unexpected, you should also consider buying life insurance coverage for your employees.
Cyber and Privacy Insurance – According to the University of North Georgia, the U.S. records one cyber incident every 39 seconds. Therefore, if your business processes or stores clients’ data and business information online, it needs to be cyber resilient. Moreover, you should carry the right cyber and privacy insurance to cover the liability costs associated with a data breach.
Employment Practices Liability and Professional Liability – In case an employee sues your business for alleged wrongful termination, sexual harassment, and discrimination, among other accusations, the employment practices will cover the legal costs involved. On the other hand, the professional liability policy covers your business if a third party sues you for negligence, misinterpretation, or professional errors.
The Importance of Business Insurance
As mentioned earlier, business insuranceshields your business against perils. It also enhances the reputation of your business, something that contributes to attracting top talent and improving employee productivity. While business insurance may not prevent calamities from happening, it can keep your business operational amid a crisis or help you bounce back more easily following a disaster. Take note that depending on the nature and location of your business, you may need additional business insurance policies such as earthquake insurance, general liability insurance, commercial auto insurance, and umbrella insurance.
Business insurance protects your small business from perils, events, and situations that could potentially cause it to collapse. If you need assistance with business insurance, contact the experts at Burton A. Harris Insurance Agency today. We are ready to answer any coverage-related questions you may have.