What Small Business Insurance Do You Need?

      Whether you’re just getting your business off the ground or you’ve been a small business owner on the South Shore for decades, you want to be confident that all the commercial assets, property, and income that you’re accumulating are properly safeguarded.

      At Austin Insurance, we cannot picture our community without its essential small businesses, from the neighborhood mom-and-pop restaurants we frequent with our families to the hardworking plumbers, electricians, and general contractors who help us keep everything running smoothly and the lawyers, real estate agents, and chiropractors who provide critical support when we need it. This is why our team invests so much time in getting to know as many business owners as possible. We want to understand how we can assist in safeguarding their company and its assets, at every stage of growth, with the proper small business insurance. Now, we’d like to share our expertise with you and help protect everything you’re working so diligently to build.

      What small business insurance coverage should you have?

      The best way for us to provide advice on the right coverage for your small business is for a member of our team to visit your workplace. This is the only true way for us to fully understand your exposure to risk and determine your distinctive insurance needs. However, we are happy to provide you with some general information about the four most common types of small business insurance coverage that clients typically require.

      • Commercial General Liability provides broad financial protection for you and your business against a bodily injury, personal injury, or property damage claim. If a third party, like a customer, vendor, or delivery person, is hurt as a result of your business operations or products or is injured on your business premises and sues you for damages, then your commercial general liability policy usually helps you cover related costs such as medical payments to injured parties and your legal defense fees. In addition to commercial general liability, small to mid-sized companies may want to consider three other liability coverage options to safeguard their business against risks that have stood the test of time, like workplace discrimination claims, and those that are increasingly prevalent, such as cybercrime.
      • Commercial Property is protection for the space that your business is located in, as well as for all the company belongings you keep there. If the building that you own or the office you lease is damaged or destroyed by fire, vandalism, extreme weather, or another covered risk, that is when you would want to have a commercial property insurance policy. This coverage typically helps you repair or replace damages to inventory, equipment, computers, furniture, and more. Even if you operate a home business or do purely online business transactions, you still have plenty of property assets that can get lost, stolen, or damaged, so you should not overlook the value of having this coverage.
      • Workers’ Compensation is mandated in Massachusetts. This is insurance coverage for employers that could help pay for expenses resulting from an employee’s work-related injury or illness. From medical costs to temporary disability and, in a worst-case scenario, death benefits, workers’ comp coverage typically provides critical financial protection for employees and companies. Without it, your small business could experience extreme financial hardship if a worker files a bodily injury claim against you. Even if you are a sole proprietor or in a limited liability partnership and exempt from workers’ comp coverage, you should still strongly consider investing in it. If you were to get injured on the job, workers’ comp may help fill in the coverage gaps where your individual health insurance falls short.
      • Commercial Auto is coverage for business-owned vehicles you or your employees drive and may provide important financial protection if someone gets in an accident while driving company cars or trucks. Similar to personal auto insurance, there are some coverages that are compulsory, including bodily injury liability, property damage liability, personal injury protection, and uninsured motorist. If you and your employees are using borrowed, rented, or personal vehicles for business purposes, it is still critically important to meet with your local insurance professional to determine whether you have the proper auto insurance to cover you if an accident happens.

      A Business Owners Policy might be the best insurance option for your small business.

      We know that choosing the right small business insurance options for your company is an overwhelming process, especially if this is the first time you’re learning about some of these available coverages and their importance. The Austin team is here to help you identify the insurance policies your unique operation may need and assist you in fitting them into your budget.

      If you’re looking for a small business insurance solution that is broad in coverage and economical in price, then you may want to consider a Business Owners Policy (BOP). A BOP bundles many of the most important small business insurance policies, like commercial general liability and commercial property, into a single, cost-effective package. Not only does a BOP typically make your insurance program more affordable, but it also makes it much easier to manage. In addition, a BOP is far from a one-size-fits-all policy. In fact, BOP programs generally have flexible options, allowing business owners to select from a range of endorsements to enhance their company’s coverage, as well as several different payment options.

      While a BOP probably sounds like a great option for you and your company, not every small business is eligible to take advantage of this program, nor is a BOP always the right choice for every small business. The Austin team will work with you to determine if you’re eligible for this insurance package and, more importantly, if it is sufficient coverage for your specific company and industry risks.

      How Austin takes care of your small business is different than the rest.

      When you choose to work with Austin, you will get much more than just an insurance policy. Our agency goes above and beyond to build a trusting, personal relationship with you. From coming out to your business to personally inspect all the property you own or lease, to thoroughly reviewing all your policies for accuracy of coverage and pricing, to taking an extremely hands-on approach should you ever need to file a claim, our team is here for you and your business, 110%.

      To experience our personalized approach to insurance, please call the Austin Insurance team today at 781-447-5561.