Many small-business owners think they’re too small to be sued, but the Institute for Legal Reform reports that small businesses are actually more likely to be hit with a lawsuit than larger ones. Today we’re discussing commercial insurance policies in york and what you need to protect your small business.

After natural disasters, FEMA notes that 40 percent of small businesses never reopen. And after a cyberattack as many as 60 percent will close their doors, according to CNET.

The appropriate policies can help pay for lawsuits, disasters, and other setbacks that would otherwise leave a business owner scrambling. Here’s a look at some of the most common policies, when your business may need them, and how they can help you thrive.

General liability insurance: These commercial insurance policies in Canfield cover accidents that happen to business owners in any industry. For example, this is the policy you turn to if a customer trips and falls in your store and you have to pay their medical bills. According to the insurance company The Hartford, a single slip-and-fall accident costs small businesses $20,000 on average. Because of the basic liability protection this policy offers, it’s smart for businesses to have it as soon as they open their doors.

Professional liability insurance: Consultants and experts (architects, IT consultants, marketing firms, etc.) often carry professional liability insurance to cover work mistakes that cause someone a financial loss. For example, these commercial insurance policies in Canfield can help cover legal expenses when a professional is sued over: 

  • Missing a deadline;
  • Going over budget on a project;
  • Overlooking a mistake in their work;
  • Failing to deliver work that conforms to industry standards;

Don’t be surprised if clients often require you to have this policy before they work with you. The policy provides assurance that they won’t take a financial hit over mistakes you make while doing your work.

Workers’ compensation insurance: This insurance can help small business owners pay for their employees’ work injuries such as:

  • Medical expenses;
  • Partial replacement wages while the employee recovers;
  • Funeral expenses and support payments to dependents if the employee dies;

Accidents can happen in any industry, not just high-risk fields like construction, so you need to be covered.

Cyber liability insurance: Cyber liability insurance can help small businesses handle the devastating cost of a data breach. Most states require businesses to notify affected parties about a breach, and depending on the size of the incident, those notification costs can add up quickly.

Business interruption insurance: These commercial insurance policies in Canfield help businesses avoid becoming a FEMA statistic. When a covered event (like a fire or windstorm) forces a business to temporarily close for repairs, this policy can help pay for ongoing expenses like payroll, rent, taxes, and loans.

Those costs can be significant. Because disasters can strike anywhere and without much notice, this is another policy that makes sense for most businesses to have, regardless of industry.

Is your business adequately protected by these commercial insurance policies in Canfield? If not – or if you’re not sure – call our office today at 330-337-9557 to schedule a consultation so we can get you the coverage your business needs.