Why These 7 Core Principles? The 7 core principles presented in this book have been…
Got insurance for your business?
If you’re still wondering, “Do I need insurance for my small business?” The answer is yes! Most small businesses need some type of coverage for protection from various risks, like:
- Bodily Injury
- Property Damage
- Car Accidents
Without coverage, you’ll have to pay out of pocket for claims reported against your business. Having to pay these costs out of pocket can cause severe financial losses that can shut down your business. We have been helping small businesses like yours for over 20 years, making sure you get the kind of coverage you need. Let us help make sure you’re protected.
At ANI, you have an opportunity as a franchise owner to help your local businesses protect themselves from severe loss. We not only help protect commercial lines of business, but we also help protect their autos, properties, toys and life. If you’re a novice at writing commercial business, at ANI we give you the tools and education to become successful. For more information, please visit us at anifranchise.com.
There are 11 most common types of insurance that small businesses need:
1. General Liability Insurance
General liability insurance helps protect your business from claims that it caused bodily injury or property damage to someone else. For example, if a customer slips in your store, this coverage can help pay for their medical expenses. Liability claims from work done away from your location can also be covered under a coverage known as products-completed operations coverage.
Many small business owners also get a general liability insurance policy that includes product liability insurance. This can help protect their company from claims of bodily injury or property damage that their products cause.
2. Professional Liability Insurance
Professional liability insurance helps cover claims related to mistakes in the professional services that your business provides. Let’s say your accounting firm makes a mistake on a customer’s financial statement and they have to pay a penalty. If they sue your business, professional liability insurance can help cover your legal costs. Investing in this coverage can help you save money in claims costs. This coverage is also known as errors and omissions insurance or E&O insurance.
3. Business Income Coverage
Business income coverage, also known as business interruption insurance, can help replace lost income if you can’t operate because of covered property damage. This includes damage from fires, storms or theft.
4. Commercial Property Insurance
Commercial property insurance helps protect your owned or rented building and equipment used to operate. So, if someone breaks into your building and steals your business computers, commercial property insurance can help cover the replacement costs.
5. Workers’ Compensation Insurance
Workers’ compensation insurance provides benefits to employees if they get a work-related injury or illness. For example, if an employee gets carpal tunnel syndrome from years of typing and poor ergonomics, this insurance can help pay for their treatment costs. Most states require businesses to have this coverage if they have employees.
6. Commercial Auto Insurance
Commercial auto insurance helps cover property damage and bodily injury claims if you or an employee gets into an accident while driving a company-owned vehicle for business. So, if your employee swerves off the road while making a delivery and hits a mailbox, this insurance can help pay for the damages.
7. Data Breach Insurance
Data breach insurance helps your business respond to a breach if personally identifiable information gets lost or stolen. It can help cover your costs to:
- Notify impacted customers or clients
- Run a public relations campaign to improve your business’ reputation
- Offer credit monitoring services
Some insurance companies may call this coverage cyber liability insurance.
8. Commercial Umbrella Insurance
Commercial umbrella insurance extends the limits of certain liability policies that your business has. So, if a claims cost exceeds your policy’s limits, commercial umbrella insurance can help cover the difference.
9. Employment Practices Liability Insurance
Employment practices liability insurance, also known as employers’ liability insurance, helps protect your business from employment-related claims. This includes claims of:
- Sexual harassment
- Wrongful termination
10. Business Owner’s Policy (BOP)
A Business Owner’s Policy (BOP) is one of the most popular types of insurance. It combines:
- General liability insurance
- Commercial property insurance
- Business income insurance
11. Hazard Insurance
Small business hazard insurance is another name for commercial property insurance. It helps protect the owned or rented business property, like your building and equipment. Contact us today for a free review of your policy or if you’re looking to start 2024 earning a residual income, call us to discuss your future as an ANI franchisee. www.anifranchise.com.