Driven by an entrepreneurial spirit and a desire to bring to market a unique idea or to offer a specific skill, there are 28 million small businesses in the U.S., accounting for 54% of all sales. To launch and keep a business thriving requires a good amount of passion, a strong business plan, usually a considerable financial investment and a few things most people don’t think about…like business insurance in Canfield OH.
With so much at stake, getting the best business insurance to adequately protect your investment, yourself, employees and property the right way is one of the most important decisions every business owner must make. From commercial auto and property to workers’ comp, there are a lot of factors to consider. So, where do you start?
Following are our tips for choosing the right business insurance Canfield OH.
1. Research the rules. Check with your state’s Department of Insurance regarding which coverage is required for your business. The Small Business Administration points out that most states require businesses with employees to pay for workers’ compensation insurance, unemployment insurance, and state disability insurance.
2. Imagine the unimaginable. Before you can decide how to protect your business, it’s important to understand the risks. With so many business insurance options in Canfield OH, you’ll need to identify your needs and determine your level of exposure. Don’t make the mistake of thinking that fire, falls, loss of income, defective products, injured employees or customers, equipment breakdowns won’t happen to you.
Review each step of your business, imagine the worst-case scenario and then protect against it.
3. Protect yourself against employee disputes. Employee relations sometimes sour; most business owners value and respect their employees, and often treat them like family. But disputes can occur and business owners must protect themselves in case those disagreements escalate into litigation. Employment Practices Liability Insurance protects employers from wrongful acts that may result from their employment practices (such as race, age, sex discrimination, wrongful termination, failure to promote and retaliation). This coverage is quickly becoming a requirement in today’s business insurance market in Canfield OH.
4. Find protection in a digital world. You need to be insured against threats that can infiltrate your business online. If you conduct transactions or collect personal information digitally, you will want to explore options like Data Breach Expense/Liability coverage and Cyber Risk coverage.
Customers may try to take action against you if their information is ever leaked or stolen by a hacker. Data Breach/Liability Coverage typically provides coverage that helps cover the cost of notifying and assisting your clients after a breach. It can also provide Defense and Liability Coverage when this option is selected, which responded to a third-party action brought against you by those individuals affected by the breach.
Additionally, comprehensive Cyber Risk coverage not only provides coverage against damage to electronic data and computer systems from a virus or computer attack but can also protect your business’s liability to third parties if they suffer damage due to a vulnerability in your business’s computer system.
5. Protection for your home-based business. If your business is based on your home, you likely need additional coverage. Your homeowners’ policy probably does not protect your home-based business adequately. Once you assess the risks to your business, you will want to consider adding a business policy to cover business risks.
Most importantly, be sure to consult with your business insurance agent in Canfield to help you determine the coverage your business needs. Call our office today to schedule a consultation and let’s put together a plan that will keep your business protected.