What Coverage is Necessary for Small Businesses in 2020?

Whether you’re a solopreneur or you have employees who work alongside you on your payroll, you have something in common with most other business owners no matter what industry you’re in – you work hard day in and day out. A strong work ethic is the hallmark of successful business owners and it’s what breeds sales growth and expansion to other locations.

While working hard pays off in meaningful ways in many instances, there’s one thing it can’t do. Hard work cannot protect you when things go wrong. Luckily, insurance can offer a level of protection when certain things happen.

Commercial Property Insurance

Our commercial insurance company has been serving Carbondale, IL and surrounding areas since 1980. Given our decades of experience, we can tell you that commercial property insurance is a must for businesses across verticals.

This type of insurance is designed to protect you and your business against damage and destruction caused by an array of perils, such as lightning, fire, theft, vandalism, building collapse and windstorms, among others. Commercial property insurance doesn’t just protect your physical buildings. It also covers your office equipment, inventory, things located just outside of your business’ buildings and borrowed equipment that’s on-site for business purposes.

Although commercial property insurance provides protection against many things, it doesn’t include coverage for damage or destruction caused by floods or earthquakes. To get a business insurance quote for earthquake and/or flood insurance, contact Oliver & Associates, LLC now!

Workers’ Compensation Insurance

Also known as workers’ comp, workers’ compensation insurance is required in every state although some exemptions exist for select business types. This kind of coverage protects employers from costly lawsuits and provides financial compensation for workers who suffer a work-related injury or illness during their employment. At the very least, workers’ comp will cover an injured or ill employee’s medical expenses and provide a percentage of the person’s lost wages.

Commercial Health Insurance

Commercial health insurance is similar to an individual or family health insurance policy in that it’s intended to cover at least part of your and your employees’ medical expenses. This kind of coverage differs from workers’ comp because it covers costs related to routine doctor’s visits, such as annual physicals. 

Commercial health insurance also covers medical expenses incurred due to injuries and illnesses that aren’t the result of a person’s employment as well as those that are. Depending on the commercial policy, it may extend coverage to your employees’ families.

Commercial General Liability Insurance

Commercial general liability insurance will protect your business against losses even if your negligence results in another person suffering an injury, experiencing property damage or loss or enduring harm to their reputation or health. If a claim is filed against your business, this type of insurance will typically pay your legal defense fees and settlement expenses.

Additional Business Insurance Types

Believe it or not, there are even more kinds of insurance you may want to get for your organization. Here are some of them:

● Commercial property coverage

● Commercial car insurance

● Farm insurance

● Business owner’s policy 

● Group dental insurance

● Disability insurance

To make sure you and your business have all the coverage necessary to guard against financial loss in any number of scenarios, contact Oliver & Associates to schedule a consultation now!