All businesses need insurance, but the amount and types of coverage required will vary. For some businesses, the coverage needs may not be extensive. For those with multiple locations, many employees, or operating in high-risk industries, however, the insurance needs may be more complex. At Ozark Legacy Insurance Partners, we help small businesses like yours find the right coverage to set a strong foundation for many years of success.
Why Small Business Insurance is Important
It only takes one accident or misstep to bring a small business down. After years of working to build your business, imagine losing it all because of a lawsuit, natural disaster, or another incident. Often, the things that threaten your business the most are the things that are completely out of your control. Examples include:
- An overnight fire that ravages your business and all its inventory
- An employee who steals from your customer
- Vandalism of your storefront
- A collision caused by an employee driving a company vehicle
- A client who slips and falls in your parking lot
Having the right small business insurance helps to minimize your exposure to potential risks. It also keeps you legally compliant and helps to ensure the continuity of your company regardless of what may come your way.
Types of Small Business Insurance
At Ozark Legacy Insurance Partners, we recognize that your insurance needs are unique. We also know that business owners prefer simplicity whenever possible, which is why we offer business owners packages (BOP). BOP coverage is customizable to each individual business, though it often includes:
Property Insurance
Your business assets include everything from your business structure to your inventory. Property insurance helps reimburse you for losses caused by covered events, such as vandalism, theft, fire, storm damage, and more.
Liability Insurance
General liability insurance is coverage against lawsuits brought by third-party victims other than your employees. Even if you were not directly at fault for property damage or a victim’s injuries, you could still be held financially responsible as the owner of the business. Liability insurance helps cover your legal defense fees, as well as any settlements or judgments.
Workers Compensation Insurance
Workers compensation insurance is coverage for your employees if they are injured on the job. This insurance helps cover medical bills, rehabilitative costs, and lost wages.
Commercial Vehicle Insurance
Business auto insurance is necessary if you or an employee use a vehicle for business purposes. Commercial auto insurance will repair or replace a company vehicle that is damaged in a collision and covers bodily injury and property damage liability if you or an employee is responsible for an accident.
Employment Practices Liability Insurance (EPLI)
There are a lot of laws involved in hiring and firing employees. EPLI coverage helps protect employers against claims of discrimination, harassment, and wrongful termination.
Errors and Omissions Insurance (E&O)
Errors and omissions insurance is protection against professional liabilities. When customers and clients experience a loss as the result of an error, mistake, or faulty service, E&O insurance helps cover any expenses you are financially liable for.
Business Interruption Insurance
Property insurance may pay for repair and replacement of your losses after a disaster, but who will cover your operating expenses and bills while you rebuild? Business interruption insurance keeps the cash flowing until your business is up and running again.
Shopping for Small Business Insurance
When it comes to business, money talks. Building your business took an investment of time, labor, and finances. We respect your need for an affordable business owners package and work hard to find coverage that looks out for your bottom line. As independent agents, our team can shop around for coverage from multiple insurers until we find small business insurance that minimizes your risks and allows you to invest more of your money in your business – not your insurance.
For more information about small business insurance in the greater Poplar Bluff area, contact our office today.