Launching and running a small business takes immense dedication. You've invested time, money, and passion into your dream, and protecting that investment is paramount. Understanding the fundamental coverages available is the first step, and at Patsel Insurance Group, we're committed to bringing clarity to this crucial aspect of your business's security.
Types of Insurance for Small Business: What You Should Know
General Liability Insurance: Your Foundation
Think of this as your business's foundational safety net. General liability insurance protects you against claims of bodily injury, property damage, and personal injury that can occur on your premises or as a result of your operations. From a slip-and-fall accident to an advertising misstep, this coverage is absolutely essential for every business.
Commercial Property Insurance: Protecting Your Assets
Your physical assets—from your building and equipment to your inventory and furniture—are the lifeblood of your company. Commercial property insurance safeguards these critical items against loss from events like fire, theft, or natural disaster. It ensures you can repair or replace what you need to get back to business quickly after a covered incident.
Workers’ Compensation: Caring for Your Team
If you have employees, workers’ compensation is not just a good idea—it's legally required in Washington. This insurance provides benefits to employees who get injured or become ill on the job. It covers medical costs and lost wages, while also protecting your business from potentially costly lawsuits related to the work-related incident.
Cyber Liability Insurance: The Modern Necessity
In today's digital world, a data breach can be financially devastating. cyber liability insurance is designed to help you respond to a breach by covering costs like customer notification, credit monitoring, and legal fees. It is a critical safeguard for any business that handles sensitive customer information, either online or in-house.
These are just a few of the core types of insurance for small business. The right mix of policies depends entirely on your unique industry and operations. Navigating these options can be complex, but you don't have to do it alone. Contact our team to learn how Patsel Insurance Group can build a customized protection plan for your venture.