Small-business insurance protects your company from financial risk, allowing you to pursue your passion and grow your organization with confidence. Unfortunately, the question we hear too often is, “Does my small business need insurance?”
All businesses need insurance, even entrepreneurs and micro-businesses. More accurately, the question should be, “What type of insurance does my company need and how much coverage should I have?”
The answer to this question depends on the nature of your business and the types of financial risks you face.
But just as for larger organizations, your company may need coverage for your office or facility, company vehicles, general liability, workers’ compensation, health coverage or some combination thereof.
Other options include errors and omissions, excess liability, cyber threat, malpractice, unfair employment practices, umbrella coverage, terrorism policies and specialized liability.
As for what each of these types of policies does, your insurance agent can help you understand the coverages that your company may need.
Appropriate policy limits are as personal as the types of coverage you need, and your needs will likely change over time as your business grows and changes.
You can choose some policy limits based on your level of exposure and your budget. In other cases, you may have to comply with minimum requirements to achieve your goals. For example, to compete for state or municipal contracting opportunities, you may have to provide proof of insurance for a $1 million liability policy.
Again, your insurance agent can help you determine the right amount for policy limits, per-occurrence and in the aggregate.
No, you don’t have to see a doctor to have an insurance checkup. Four Seasons Insurance will take the time to sit with you and learn about what you do. We can then recommend the best types of insurance and coverage limits to match your needs and budget.
Of course, business insurance is not a “set it and forget it” proposition. We recommend revisiting your coverage at least once each year. We can discuss how your needs may have changed and make the appropriate adjustments. This prevents you from carrying (and paying for) coverages you don’t need, and more important, it will ensure you don’t incur any unnecessary and unexpected losses.
With two office locations to serve you, in Sandy and West Jordan, the Four Seasons Insurance team serves business clients throughout the Salt Lake City metro area and northern Utah. Contact us today to schedule a time to go over your small-business insurance needs.
