Insurance Coverage Every Business Should Have

Insurance Coverage Every Business Should HaveSearching for a wholesale commercial lines brokerage doesn’t have to be difficult. For small business owners, it’s always important to make sure that they are covered. Disaster can strike at any given moment, and it’s always best to be prepared. With over 75 percent of small business owners underinsured by 40 percent or more, it’s imperative to ensure that they’re getting the most out of their insurance, and that’s where you, the insurer, step in.

Around 40 percent of small business owners are touting no business insurance at all, according to the New York Times, leaving them wide open for a variety of risks and potential hazards. Entrepreneur recommends these key insurance coverages for businesses, and we recommend that you share them with your clients:

  • Professional Liability Insurance – Having professional liability insurance can make you or break a business owner. Professional liability insurance covers a business against any negligence claims resulting from mistakes or failure to perform. It’s important to have this insurance because it’s specifically tailored to each business’ certain needs.
  • Property Insurance – Making sure that the business’s physical property is covered is an extremely important step to take. Whether the business owns or leases, insuring the property is a necessity. This insurance will cover things like robberies, storms or theft. What it does not cover are other mass natural disasters such as flooding, tornadoes or hurricanes; these disasters will require additional coverage.
  • Workers’ Compensation – Employees are just as important as the business itself, so make sure they have the coverage that they need. You should add workers’ comp to your list of business insurance policies as soon as you hire somebody. No matter how small the work may be, it’s important to be covered in the event of needing medical treatment, disability or death.

Make sure you’re getting the best coverage possible, that way if something does happen, you’re not finding yourself in a tight spot. Make sure you get in touch with a wholesale commercial lines brokerage as soon as possible.

About Mavon Insurance

At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (877) 426-2866.