Connect with us


Insuring Your Small Business Properly

As a small business owner, it can feel like you have a million and one decisions to make about the direction you want to take your company. Everything from office supply suppliers to product sourcing lies in your hands. While this can feel overwhelming, one of the most vital decisions you’ll have to make regarding your business involves insurance. Staying properly insured can be the difference between your brand succeeding and failing, so it’s crucial to ensure you have the right coverage. 

Health Insurance

The first type of insurance to keep in mind for your small business is health insurance. Depending on the size of your company, you may be required by law to provide this coverage for your employees. If you have 50 or more people working for you, federal law requires you to provide some form of healthcare plan for your staff. 

While you aren’t legally mandated to provide health insurance if you have fewer than 50 employees, it still is a good idea. In the event of a work-related accident, having health insurance or workman’s compensation in place will protect you and your business from financial damages. 

Additionally, offering health plans through a Utah small business health insurance provider is an incredible employment incentive. Many people don’t want to work for companies that don’t offer any benefits. If you have an insurance policy in place for your staff, chances are that you’ll find it easier to make hires. By offering health insurance for your employees, you stay financially healthy as a business.

Liability Coverage 

The second type of insurance to consider as a small business owner is liability coverage. This is one of the most common types of insurance for small businesses, and for good reason. If anyone ever gets hurt at your company, be it from slipping on a floor or one of your products malfunctioning, liability insurance will save you from having to pay for damages out of pocket. 

Along those lines, keeping your business insured with liability coverage protects your property as well. If someone’s car damages your parking lot and another customer falls because of it, you’ll be able to fix the problem without having to worry about where the money is coming from. As a small business owner, you know better than most that your funding isn’t unlimited. If an accident happens on your property or as a result of something you sell, having a good insurance policy can keep you from going bankrupt and failing. 

Another benefit of liability insurance for your small business is that it reassures customers. If you can tell people that are interested in your services that you’re fully insured, they’ll be more likely to buy from you over a competitor. While it may cost your company some extra money each month, having liability insurance is worth the money.

Artisan Contractor Insurance

The third type of coverage you may need is artisan contractor insurance. This type of policy is more specialized than other types of liability insurance, as it’s designed specifically for small business owners. 

Defined simply, artisan contractor’s insurance is an extension of a traditional liability policy that protects you on someone else’s property. If your business works with third parties, such as contractors or independent vendors, you may want to consider getting an artisan contractor policy. 

Some examples of coverage for this policy would be if an electrician were fixing someone’s home and caused a power short that fried a computer. Rather than you paying for the damages out of pocket, your artisan policy would protect you and help recoup the cost of the hardware. Additionally, this specialized coverage can protect work vehicles when they’re being used at a job site. If someone stole tools from your work truck, you could file an insurance claim to get them replaced. 

Ultimately, artisan contractor insurance is designed for small businesses that work mainly with third parties. If you don’t focus on in-house sales, but rather go to other properties to perform a service, you may want to consider taking out an artisan contractors insurance policy. 

To sum things up, keeping your small business insured properly can protect you, your employees, and your property. Whether you sell handmade beauty products or are a professional plumber, staying adequately covered on the job is important.