Whether you are planning to start a business or are currently establishing the foundation of a new one, small business insurance can help you secure the future of your venture. Starting a business is a significant financial investment, which is why you should devote all of your resources to protecting it. Small business insurance can protect your venture from a complete shutdown if a disaster occurs.

Here is a guide to help you protect your small business with the right insurance policy.

Small Business Guide to Commercial Insurance

You have to navigate many risks and challenges as you operate your business every day. You have to oversee your equipment, furniture, supplies, and inventory. Business insurance covers you if something goes wrong. Perhaps your building is damaged due to a fire, explosion, or extreme weather. Someone may also try to vandalize your property or steal your inventory. The right small business insurance policy will protect you against such catastrophes.

Once you start researching business insurance, make sure to contact a licensed broker who has a track record of providing excellent service. When you set up a meeting, the broker will ask you for more information regarding the type of business you have and the industry you work in. If you have an existing policy, the broker will review it. They will check to see if you have any gaps or errors in your policy. The goal is to help you find the best coverage for your unique business needs.

Types of Small Business Insurance Policy

Business Owners Policy

A Business Owners Policy provides property, liability, and business interruption coverage under one policy. As a small business owner, this is an efficient way to add multiple coverages at once. Keep in mind that most Business Owner Policies have strict guidelines that you must follow.

Liability Coverage

Liability coverage is an important part of your business insurance policy. Commercial auto liability coverage protects your vehicle in multiple ways. Premises liability coverage protects your business if someone gets injured on your property. Product liability coverage protects you if someone gets injured from trying one of your products. If you perform work on a contract basis, you are covered if damages occur as a result of your completed work

Workers’ Compensation

Workers’ compensation protects your business if any of your employees are injured on the job. The injured employee receives benefits, which prevents your business from dealing with a potential lawsuit.

Umbrella Insurance

Umbrella insurance covers your business when you are dealing with a serious liability issue and are at risk of exceeding your policy limits. It can also fill in your coverage gaps to help you avoid potentially huge financial losses.

Guide to Property Insurance For Businesses

Regardless of the type of business you have, you must protect your base. Whether you operate your business in a large building or an office, accidents can happen at any time. Property insurance prevents you from suffering huge losses by covering your business if your office or building is damaged, vandalized, or completely destroyed.

Commercial property covers all of the personal items used to operate your business. All of your equipment, supplies, furniture, and inventory are covered if they are damaged due to a natural disaster or extreme weather. You can amend your policy to cover exterior parts of your property, such as the fence or any landscaping, if they are damaged. Because your business may have a limited budget, you must try to minimize potential risks. Commercial property insurance covers you if an unforeseen issue arises. You also risk damaging the reputation of your business if you don’t have the necessary coverage in place.

You’ll still have to add extra coverage to supplement your commercial property insurance policy in the event of an emergency. For example, you’ll need flood insurance to cover your business if your building or inventory is damaged due to heavy flooding. In the unfortunate event of an earthquake, you will also need coverage to protect your business. You can also amend your policy to cover you against the natural erosion of your inventory and building. Business interruption coverage protects your business if you are unable to operate due to a power outage or another type of natural disaster.

What Does a Commercial Property Insurance Policy Cover?

Commercial property insurance covers any buildings that you use to operate your business. This also includes any equipment and other fixtures. The personal property of others that is stored at your business is also covered.

Commercial Property Insurance Quote

You want to find a policy that fully covers your business in the event of a disaster. On average, a commercial policy will cost you around $2500 annually. You may have to pay a little more to include coverage for disasters such as wind, water damage, and fire damage.

Who Needs Commercial Property Insurance Coverage?

If you own commercial property, you need coverage. If you have a work from home business, you will still need commercial coverage for your property. You will also need coverage if you lease some space to other parties.

Commercial property insurance policies are considered complex because there are so many layers to them. Relying on a guide to small business insurance can help you make the right decision. If you have additional questions about business insurance, contact the experts at First Insurance Solutions today. We are eager to help you with all of your coverage needs.

Allegations of negligence may cause your business to be involved in a serious liability dispute. To be prepared for any situation, you must learn about the different types of negligence accusations. Ordinary negligence and professional negligence accusations can lead to expensive litigation disputes, which may cost you a lot of time and money. Even if you are innocent, your business’s reputation may be damaged and result in you losing customers.

Here is a closer look at negligence in business.

● Professional Negligence

Professional negligence occurs when your business doesn’t provide a suitable amount of care. Professional negligence differs from ordinary negligence because your clients are hiring you to do a specific job. That means that you have a higher duty to provide care. The stakes are much higher than if you damage someone’s property by speeding or someone accidentally slips and falls on your property. The majority of professional negligence claims involved lawyers, doctors, and consultants. However, any business that provides a service is at risk of being sued for professional negligence. While you may be innocent, your business could lose a lot of money going through the litigation process.

● Handling Allegations

The court will assess your Negligence & Business Duties. Your case will be examined through a foreseeability test. This test will determine if you knew that your actions would hurt your clients. The court will also use a multi-factor test. A multi-factor test looks at the extent of the damages and whether you could have used another option to prevent the damage from happening. If the court decides that you used foreseeable actions that lead to a loss, you will be charged with professional negligence.

● Preventative Methods

It is in your best interest to avoid a negligence lawsuit. Even if you are innocent, simply being accused may cost you future revenue and existing clients. You have to make sure that you keep your clients happy. Provide timely service and always adhere to the best practices in your industry. Memorize all of your state’s duty of care laws. Try to document all emails and other forms of communication between you and your client.

● Insurance Company & Negligence

Mistakes can happen at any time. Professional Liability Insurance helps protect you against liability risks. It will cover any work-related errors, missed deadlines, and unacceptable service and also cover your legal defense costs if you are sued. In most cases, your clients will want to see proof of your professional liability coverage before you start on a project.

● Cyber Liability Coverage

Cyber liability coverage protects your business if you suffer a data breach. Third-party coverage is especially important because you will be protected if a client sues you for failing to prevent a data breach that causes them damage.

● Common Liability Coverage

Common Liability coverage helps protect your business if your negligence leads to someone getting injured or having their property damaged.

Negligence in business can happen at any moment. However, the right insurance coverage will help you navigate these risks and avoid being found guilty of negligence. If you have additional questions about business insurance, contact the experts at First Insurance Solutions today. We are eager to help you with all of your coverage needs.

Over the last few years, there has been a drastic rise in gas station ownership. Many financial advisors believe that owning a gas station is a smart investment. While most people own at least one vehicle, millions of Americans own multiple vehicles. Gas is always in demand because these cars need fuel.

Gas stations are a popular commodity, which is why so many investors are trying to take advantage of this market. It’s also important that you protect your investment. You put a lot of hard work and personal resources into creating your gas station. Without the proper coverage, you could potentially lose everything if something happens to your business. That’s why business insurance coverage is an asset. Business insurance helps protect your investment, customers, and staff so that things can keep running smoothly for a long time.

Read on to learn more about insurance plans for gas stations.

• General Liability

Under the law, general liability insurance coverage is optional. However, as the owner of a gas station, you should carry this type of insurance because, as the name suggests, general liability coverage protects your gas station against everyday events and hazards including, among others:

• Medical expenses
• Third-party property damage and medical expenses
• Legal costs

Gas stations are heavily populated every day because people need to purchase gas. In a split second, someone may fall and injure themselves. Since they injured themselves on your property, you would be held responsible for their medical expenses. Liability coverage will prevent you from having to cover those expenses out of your own personal assets. Liability coverage also covers you if someone’s property is damaged while they are on your premises. You will be covered if one of the gas pumps at the station malfunctions and spills gas all over your customer or causes damage to their vehicle.

● BOP

Consisting of general liability and other types of asset protection policies, a BOP is usually a particularly important coverage because it covers your business against financial challenges and losses of business assets. Some of the named perils on a typical BOP include:

• Equipment Breakdown – If your gas station equipment breaks down, a BOP will cover the repair or replacement costs.

• Buildings and Contents – A BOP covers both movable and immovable assets. In other words, it covers both the building structure and the property inside the building, including interior furnishings. This means that if a named peril, such as an accidental fire burns your gas station store to the ground, your BOP policy will cover both your property and building losses. If the extent of damage forces you to close your business till the repairs are finished, both your repair cost and loss of income are covered by BOP.

• Loss of Electronic Data – If you use digital technology to run your gas station, such as an inventory management system and accounting software, there is a risk you may lose your data due to cyber attacks or hardware failure. This can force you to spend a significant amount of money to recover or restore your data. However, with a BOP, you wouldn’t necessarily have to pay for these costs out-of-pocket.

• Employee Dishonesty Coverage – At a gas station, employee dishonesty comes in many different forms ranging from stealing money from the cash register to fuel theft. Employee theft accounts for nearly 40% of all retail losses, as reported by Retail Knowledge. Fortunately, a BOP can protect your gas station from losses related to employee theft.

Workers’ Compensation

In addition to liability insurance and BOP, you also need to carry workers’ compensation insurance to cover the medical costs related to workplace injury or illness as well as to comply with the law.
Your employees are a valuable part of your gas station’s success. Worker’s compensation protects your employees if they are injured on the job. The policy covers their medical bills while they recover. It also helps you keep employee morale high so that your staff is excited about coming to work.

Commercial Umbrella Insurance

No matter how much liability insurance coverage you buy, there is a potential of facing an overwhelming claim. For example, a gasoline-fueled fire can cause extensive damage or injury to your customers or surrounding properties, resulting in expensive lawsuits. In such circumstances, commercial umbrella insurance provides you extra coverage and protects you from having to pay out of pocket for claims that exceed your existing liability policy limits.

Underground Storage Tank Coverage

Your gas station stores fuel underground. Problems such as lack of maintenance and corrosion can cause accidents, leading to damages or injuries. Underground storage tank coverage pays for these damages.

Pollution Liability Insurance

Even the smallest gas leak or spill can cause immense harm, such as bodily injuries, property damage, and lawsuits. Pollution liability insurance coverage will pay for these damages and also cover the on-site and off-site cleanup expenses. Check out the laws of the place where you plan to open a gas station as they may require you to carry pollution liability coverage.

Investing sufficiently in your insurance for gas stations can protect you from incurring heavy losses in the future. Do you have additional questions about gas station insurance? Contact the experts at First Insurance Solutions today. We are eager to help you with all your coverage needs.

A recent study showed that many business owners do not have the proper business insurance coverage to protect their assets if a catastrophe occurs. Without the proper business insurance coverage, your personal assets are at risk if your business suffers a major loss. If you operate your business while working out of your home office, you need additional coverage. Contrary to popular belief, your work from home business is not covered under your home insurance policy. To properly secure the future of your business, you need business from home insurance.

● The Emergence of Insurance for Business at Home

According to the U.S. Census Bureau, more than 14 million small businesses are operated from home. Millions of freelance workers work from home every day. Despite so many people working from home, the amount of underinsured work from home businesses is staggering. Without business from home insurance, you are at risk if your home office is destroyed, wherein your home insurance policy will not fully cover the loss. You also have to think about how much it will cost you to replace your equipment and data if an accident happens.

If you have sensitive data stored on your cloud and a security breach occurs, you may face potential litigation if one of your customers decides to sue for damages. Without insurance for business at home, you could lose your business and personal assets. Having a smaller business makes you an easy target for a lawsuit. Make sure that you have coverage so that you can prepare yourself for a worst-case scenario.

● Business Owner’s Policy

A Business Owner’s Policy (BOP) can provide comprehensive coverage for your work from home business. Business Owner’s Policy protects you against potential malpractice lawsuits. You are also covered if your business suffers a security breach that compromises data and causes you to shut down for a few weeks. You can add business interruption coverage so that you won’t lose a lot of income while your business is being repaired. A BOP is essential if you operate some aspects of your business outside your home office.

● Homeowners’ Rider

You can add a rider to your homeowners’ policy so that you will have some coverage against business-related accidents. Keep in mind that riders are normally inexpensive. However, without a rider, you will still have a gap in your coverage that could leave you exposed to a potential liability issue. You may need to consider adding umbrella insurance so that you can have comprehensive coverage if a disaster arises.

● Errors & Omission Insurance

Errors & Omission insurance can help cover your legal expenses if you are involved in a legal dispute over poor work, an oversight, or several missed deadlines. The coverage protects you if one of your clients alleges that you made a serious mistake that negatively impacted them.

If you are operating your business from your home, you need home-based business insurance. The policy will help you secure your business’s future without putting your personal assets at risk if something goes wrong. Are you looking for an affordable business insurance policy? Contact the experts at First Insurance Solutions today. We look forward to assisting you with all your insurance needs.

A winning mindset can help you meet the challenges that life throws your way. Your brain is powerful. It helps control the way that you think about things and can help you handle difficult situations. Success begins with having the right mindset.

Here are a few useful tips that you can develop a winning mindset.

  1. Set Goals

To have a winning mindset, you have to set clear goals. Make sure that the goals are precise and attainable. Setting goals allows you to figure out your purpose and remain focused. Every few months, track your progress towards meeting your goals. Strive towards excellence and personal growth with your goals rather than focusing on competing with others around you.

  1. Boost Your Self-Esteem

Your self-esteem helps you build confidence. You should feel good when you look at yourself in the mirror every day. Building a positive self-image is a part of developing a winning mindset. Identify any areas that you would like to change and work on them while maintaining a balanced view of yourself. Acknowledging your strengths and positive attributes are just as important as knowing your weaknesses.

  1. Be Confident

Being confident is part of developing a winning mindset. You have to believe in yourself and your future potential. Nothing in life is perfect. There will be bumps along the road. However, you must keep moving forward. Do not let feelings of disappointment and failure linger. Bounce back from your setbacks and continue to be confident.

  1. Build Awareness

Try to keep your energy levels high by pursuing hobbies and enjoying your friends and family. This will help increase your awareness and give you much-needed perspective beyond just work.  You can also build awareness by meditating and reading regularly.

  1. Stay Determined

Part of having a winning mindset is to stay strong even during tough times. Don’t feel sorry for yourself. Make quick decisions. You have to be able to process information promptly. Figure out how to turn every situation into a positive.

  1. Assess Things

To develop a winning mindset, you have to assess things. Assess each success and failure to help chart a course towards your goals. Do not quit when faced with potential failures.

  1. Develop Internally

Your achievements help build character. You have to build internal strength so that you can stay focused on the target at all times. This inner strength is what will help you in the future when you come against struggles or difficulties.

  1. Stay Disciplined

When you find something that interests you, you must fully commit to it. Don’t hesitate or second guess yourself when it comes to important issues. Also, surround yourself with people who help bring out the best in you.

Having a winning mindset will help you in every area of your life. Passion and drive can help you accomplish anything! For any questions regarding personal or business insurance, contact the experts at First Insurance Solutions. We will help you find the coverage that you need.

The primary objective of auto insurance is to cover you if you are involved in an accident. Having a car accident is a traumatic experience for many people. In addition to the potential physical injuries, there are often emotional wounds as well. Going through the claims process adds more stress. Here is a guide to help you through the process.

  • Stay Safe

In the immediate aftermath of an accident, the most important thing is to make sure that everyone around you is safe. If you can, turn your hazard lights on to alert other drivers of the accident. Don’t try to operate your vehicle if it isn’t safe. If you or someone else is hurt, call 911 and then notify the police.

  • Gather All Information

Try to gather all of the information you possibly can to assist with the claims process. Having all of the necessary information is important if there is a car accident claim settlement. At this stage, don’t worry about whether you are liable or not. If there is another driver involved, get their contact information, including the insurance policy number, license plate, and driver’s license. If necessary, take pictures of the scene and speak with any eyewitnesses. Be sure to get contact information from any willing eyewitnesses to help expedite the process.

  • Speak with Your Insurance Company

Once everything settles down, speak with your insurance company regarding the car accident. Even if the accident isn’t your fault, it’s essential to make them aware of it. They can help instruct you on the proper course of action to take following the accident. Don’t try to handle things on your own. You may make things worse.

  • Claim Your Losses

Once you have determined what is needed to repair your vehicle, it is time to make an insurance claim. Before you follow through, keep in mind that the damage in many cases is small enough to be covered with your finances. An accident on your record may cause your rate to rise. In some cases, you can opt against filing a claim and pursue small claims court. Be sure to get a repair estimate before making your final decision.

Check to see if the accident occurred in a no-fault state. If you reside in a no-fault state, your insurance company may be obligated to cover your injuries regardless of whether you are at fault for causing the accident. It’s also possible that your policy allows you to receive a rental car while your vehicle is being repaired.

  • Determining Liability

If you are liable for the damage caused by the accident, you can pursue a car accident claim settlement. If the other driver is partially at fault, you may be obligated to pay a percentage of the damages instead of the entire bill. You need written documentation from the other driver explaining that they were at fault regarding the accident. Having the police come to an accident can help as they will make a report and often determine fault. This report can later be used as evidence if the other person attempts to change the accident’s facts or tells their insurer something different from what happened.

What Happens Next?

As you pursue a car accident settlement, make sure that you stay up to date on everything. Keep notes on every email and phone call that you receive. If you feel that the claims process isn’t going as smoothly as it should, talk with your insurance company or your state insurance department. Remember that you are protected under the Unfair Claims Settlement Practices Act.

Filing a claim after a car accident is stressful in many ways. However, having all the important information documented will make it easier as you go through the process. Do you have any additional questions about your car insurance? Contact the experts at First Insurance Solutions today. We are always eager to assist you with all your coverage needs.

Your health insurance policy outlines all the benefits for which you are qualified. These are your covered services. While researching your benefits, you should also pay attention to the conditions not covered under your health insurance policy. Here is a more in-depth look at what a typical health insurance policy covers.

  • Important Benefits

As you review your health insurance policy, keep in mind that your plan may cover different services compared to other plans. Make sure to research information on the Health Insurance Marketplace to see how your policy stacks up. Policies available through the Health Insurance Marketplace will cover essential health benefits, including emergency services, mental health services, prescription drugs, and pregnancy care. If you are admitted to the hospital for surgery, you will be covered. Rehab services are covered as well. Your health insurance plan should also cover preventative care, such as a yearly checkup, and dental and vision screenings. Some private health insurance plans may offer more benefits.

  • Covered Treatment Options

Beyond preventative services, your health insurance policy will cover you if you are diagnosed with an illness. Many different types of disease are covered under traditional health insurance policies. While it would take too long to list all the covered conditions and tests, a few other situations are covered by a health insurance policy. If you are diagnosed with diabetes, you are covered. You’re covered if the doctors diagnose you with high blood pressure. Your health insurance plan should also cover immunization vaccines and screening tests for HIV or tuberculosis. You are covered if you need to be checked for anemia or a urinary tract infection.

  • Pregnancy Options

If you become pregnant, your policy will cover you so that you can deliver a healthy and happy baby. You can also receive counseling if you have any questions about breastfeeding. You will also be required to get a mammogram every year to ensure that you don’t have breast cancer.

  • Medical Emergencies

Medical emergencies are different from medical benefits. Medical emergencies are issues that your doctor has decided as needing urgent care. While medical benefits are covered, a medical emergency may involve a disease not covered under your health insurance. In this situation, the care that your doctor wants to provide may differ from your insurance policy because your doctor may not be fully aware of what is covered in your plan.

The time to review emergency health coverage is before an emergency happens. When you are in the moment, you won’t want to sift through paperwork to determine what services are covered or if your insurance requires you to use certain facilities. Take the time to read over your policy carefully. This will help you inform your doctor about which treatment options are available and which options are covered before you need the services.

Remember that your insurance company makes the final decision on which treatment options are covered. If your insurance company denies the treatment, you will be financially responsible for the treatment cost. You can also appeal the decision. Before you decide to appeal, check your policy to learn about the appeal process. Your doctor’s office can sometimes offer you some advice on appealing denied claims.

Figuring out which health insurance policy is the right fit for your needs can be stressful. However, you can have peace of mind by purchasing the right health insurance coverage. If you want to learn more about health insurance policies, contact the experts at First Insurance Solutions. We will assist you with all of your coverage needs.

Hybrid life insurance continues to rise in popularity. Traditionally, many people considered long-term care insurance to be the ideal policy. In today’s world, it has become more common to purchase coverage that also includes life insurance. While it’s helpful to be insured in case you develop a health condition, life insurance benefits allow you to cover your loved ones after you pass away. Hybrid life insurance policies offer coverage when you need it while also allowing you to provide a layer of security for your loved ones.

Here is a look at some of the other benefits of hybrid life insurance.

1. Flexibility

Hybrid care insurance provides flexibility. You can choose the payment that suits your individual needs. You can opt for one lump sum, or you can receive annual payments.

2. Thorough Coverage

As you weigh the pros and cons of hybrid insurance, think about the type of coverage you want. Hybrid life insurance policies allow you to receive multiple types of coverage under one plan. You’ll be covered if you become ill, and you’ll also protect your loved ones by providing a safety net if you pass away.

3. Relatively Easy Process

Qualifying for traditional long-term care coverage can be a complicated process. The underwriting process for a hybrid policy is much easier. Generally, you’ll only have to answer a few questions to become eligible for coverage.

4. Tax Benefits

Premiums paid for long-term care insurance may be deducted from your state and federal taxes. Any life insurance payouts to your loved ones are not taxed.

5. Stable Premium

Many people have concerns regarding the cost of long-term care policies because they can rise over the term of the policy. Hybrid policies generally have stable premiums. You also have the option to lock in your premium for a particular amount.

6. Greater Return

One of the benefits of hybrid life insurance is a greater return on your premium. You may lose your benefits through a traditional policy if you don’t need long-term care. With a hybrid policy, your loved ones can still collect the death benefit even if you do not end up needing long-term care.

7. You Can Get Your Money Back

Some hybrid life insurance policies give you the option to receive the amount that you paid on your premium if you decide to opt-out of the policy.

8. More Manageable

One of the benefits of hybrid life insurance policies is that you only have to research and manage a singular policy instead of multiple ones. Hybrid policies also give you peace of mind regarding your long-term health and provide some financial stability to your loved ones.

These are some of the essential benefits of hybrid life insurance. If you have additional questions about business or personal insurance, contact the experts at First Insurance Solutions today. We are eager to help you with all of your coverage needs.

Per the Insurance Information Institute (III), auto insurance is mandatory in most states in the U.S. It covers medical expenses and property damage resulting from a car crash. Typically, auto insurance companies break down the total cost of auto insurance coverage into small regular payments called premiums, which vary depending on several factors, including state of residence, driving history, car type, and additional services, such as roadside assistance. American drivers spent $2,388 on car insurance in 2020, as reported by Business Insider. Fortunately, you can take certain proactive measures to lower your car insurance premiums. These measures include:

Practice Safe Driving

In general, insurance companies set your premium according to your risk. If you’re considered a high-risk driver, your insurance company will charge you more to cover the risk of frequent claims. The National Safety Council (NSC) states that most fatalities in road accidents happen due to alcohol, speeding, and lack of safety belt use. A clean record means avoiding DUI charges, following traffic signs, wearing your seat belt, paying your parking fees, and driving within speed limits. With minimal traffic violations, you can reduce your auto insurance premium.

Compare Quotes

The Insurance Information Institute (III) recommends obtaining quotes from different insurance companies, especially when you’re about to renew your policy. You can contact the companies directly, visit their websites, or consult the state insurance department for price comparisons.

When shopping for insurance coverage, be sure to pick a financially stable company.  You can check each auto insurer’s rating on sites such as AM Best, Fitch, and Standard and Poor’s. While some insurance companies work with agents, others do not. Take your time to confirm details and ask questions until you are satisfied. Your family, friends, and online review platforms are also excellent sources of information.

Get Higher Deductibles

A deductible is the amount of money you pay out of pocket before you receive compensation from your insurer. Deductibles vary significantly, from $250 to $1000. To lower your premiums, increase your deductible. However, make sure that you have cash available to pay the higher deductible when an emergency arises.

Drive Less

Most auto insurers offer low mileage driver discounts, which you can use to lower your automobile insurance premiums. To become a low mileage driver, you simply have to drive less. Some of the things you can do to achieve this goal include using public transportation, limiting unnecessary travel, embracing online shopping, and living near your workplace.

Work on Your Credit Rating

Insurance companies also use credit score ratings as an indicator of risk. Insurers generally assume that people with low credit scores are more likely to file claims compared to people with higher credit ratings. While the accuracy of this assumption is debatable, it’s never a bad idea to improve your credit rating and you may be able to reduce your auto insurance premium as a result.

Use these five tips to lower your car insurance premium. If you have more questions about your auto insurance coverage, contact First Insurance Solutions today.

While 40% of small businesses don’t resume operations after a catastrophe, those with a continuity plan reopen more easily, as reported by the Federal Emergency Management Agency (FEMA). Some of the ways to create a business continuity plan include identifying the biggest potential risks, purchasing the right business insurance coverage, and protecting your data in the cloud, as per the Small Business Administration (SBA). Lawsuits and property claims can cause a significant drain on tight finances. An appropriate business insurance policy can help mitigate some of the risks of owning a small business.

Here’s a quick look at four insurance policies that can boost your business.

Professional Liability Policy

If you run a service-focused business, such as a consultancy, real estate, or architecture, your clients may sue you if the project does not go as planned. For example, breach of contract and alleged dismal performance are some of the issues for which you can be sued. A professional liability policy protects you against such lawsuits, per the International Risk Management Institute (IRMI). Take note that you don’t actually have to be in the wrong to be the subject of a professional liability lawsuit. Having professional liability coverage protects you whether you are at fault or not.

Property Insurance

Every year, U.S. businesses lose a lot of money due to disasters such as wildfires, hurricanes, and earthquakes. For example, in 2018 alone, the U.S. economy lost more than $50 million worth of insured property to natural calamities, as reported by the Insurance Information Institute (III). Other causes of property damage include vandalism and theft, which often significantly affect small business finances. The right property insurance can help your business bounce back after property loss.

Workers’ Compensation Insurance

On average, about 2.8 per 100 workers get injuries or contract illnesses on the job in the U.S. annually, according to the U.S. Bureau of Labor Statistics (BLS). That’s why all states other than Texas require  employers with one or more employees to purchase workers’ compensation insurance policies for their employees. This policy covers the medical costs and lost wages for employees who suffer work-related injuries or illnesses, protecting your business from exorbitant claims and financial harm, says the National Association of Insurance Commissioners (NAIC).

General Liability Insurance

Over half of small businesses in the U.S. get sued at least once, as reported by the Small Business Administration (SBA). Causes of lawsuits include third-party injuries, breach of contract, employee harassment and discrimination, and intellectual property rights. Litigation not only hurts the business’ finances but also affects the business’ reputation and causes mental hardship to the owner. If you are subjected to a lawsuit, you may have to pay legal fees, claims, and compensation costs out of pocket, and this is what general liability insurance covers.

Consider the preceding four business insurance policies to boost your small business. If you have additional questions about business insurance, contact the experts at First Insurance Solutions today. We are eager to help you with all of your coverage needs.