What Types of Insurance Does Your Small Business Need?

What Types of Insurance Does Your Small Business Need?

When starting and/or operating your own small business, there are going to be many details to which to attend. From the more tangible aspects such as office space and employee hiring to things such as licensing and permitting. There is also the issue of business insurance and what types, consequently, you're going to need. This can be a confusing subject and so we want to offer a brief overview of some of the more common types of small business insurance available.

First off, before shopping around for insurance, you want to gather basic business facts: the number of employees, industry type, vehicles (if any/) owned, and if you going to have a storefront. The answers to such questions will guide you in shopping for insurance.

General Liability

Essentially all businesses are going to require some form of liability coverage. Liability covers are things such as property damage, third party injury, and other sorts of injury as well. General liability is considered the basic insurance policy for most businesses.

Workers' Compensation

If you do have employees, you are required to get workers' comp. Let's say an employee has a work-related illness or accident, the workers' comp will help in terms of any wages lost as a result. The amount you pay will be determined by your industry and number of employees in total.

Commercial Auto

If your company owns any vehicles that are used by employees or otherwise for business purposes, you're also going to need a commercial auto policy. If there should be an accident, a vehicle is stolen or some other such event occurs about the vehicle, then that will be covered with a commercial auto policy.

Small Business Insurance

This is not a general liability—essentially, small business insurance protects against the business's basic needs, so things such as business property and business income for instance. You want to make sure you take stock of all assets in coming up with the terms for this type of policy.

At First Union Lending, we love helping small businesses on their journey toward expansion and success. If you need additional capital, our business loan programs may be perfect for you. Call today!

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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