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Does My Small Business Need Insurance?

If you are in business, you need insurance, as not having insurance – or not having the right kind of coverage – can put your business at great risk.

You’ve worked so hard for so long, and in a moment, a fire, theft, employee accident, or lawsuit could destroy it all.

Without the right protection, if something goes wrong, your business exposure may even consume your personal assets.

What’s more, depending on the type of your business, you may be legally required to have certain kinds of insurance, such as workers’ compensation coverage if you have employees. Or, you may need to prove that you have specific types of coverage to obtain a state or local business license.

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So the question is not whether or not you need insurance, the question is – what kind of policy is appropriate for your business?

As a small business owner, it can be easy to overlook many insurance needs of your business. Did you know that if you engage in consulting or giving expert advice, you may need to obtain errors and omission insurance? Even if you are a home-based business, you need insurance; and if you’re leasing space, your landlord may require a general liability as well as other coverages as part of your lease agreement.

If you are a business owner and you don’t have insurance, you may be under the impression that small business insurance is expensive. This misconception could not be further from the truth; the fact is, not having insurance can cost you a lot more than any annual premium – and you could end up losing your livelihood to a disaster.

There is certainly a policy that you can get for your small business that will provide coverage for basic property and casualty risks, and our job is to find the most competitive pricing for the coverage you’re looking for. – whether it’s a Business Owner’s Policy (BOP), or another type of coverage we can tailor for you.

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If the cost of insurance is what’s keeping you from securing a policy to protect your business, you may want to look into other ways of reducing the expense. For instance, a higher deductible will usually lower your premiums, and even though you could be paying higher out-of-pocket costs in case you need to make a claim, you will still be protected when disaster happens.

At Ross Insurance Agency, we are passionate about making sure you and your business are adequately insured and covered, bringing you peace of mind and protection.

Some of the types of insurance your small business may need are: 

  • General Liability Insurance
  • Property Insurance
  • Worker’s Compensation
  • Professional Liability
  • Errors and Omissions Insurance
  • Employment Practices Liability
  • Auto Insurance
  • Medical Malpractice Insurance
  • Commercial Excess Liability
  • Cyber Theft of your Business Bank Account and Data Breach Insurance 

If you currently have some type of insurance, make sure you are not underinsured, or that you don’t pay more than necessary.

Review your policies and premiums at least once a year to make sure they still meet your needs, and re-evaluate your coverage whenever your circumstances change.

And if you are currently not covered, don’t wait – it only takes one accident or one legal suit to shatter dreams and destroy lives.

Contact our dedicated team to find out which insurance offers the best protection for your business, and how much you need to comfortably limit your exposure to risk.

Ross Insurance Agency’s Independent Agents are committed to finding the level of coverage you want at the lowest possible price, from Business – including Small Business Insurance, Property Casualty, Liability, Employees, Bonds, etc., to Personal – home, auto, life insurance and more.

Contact Ross Insurance Agency in Lancaster PA today to see how we can tailor the exact business insurance program you need.