Most small businesses need General Liability and Property Insurance. If you have employees, you will need workers’ compensation coverage as well; most states require it. And you may need Commercial Auto if you or your employees drive for your business.
You already have a good idea of what tools, equipment, materials and technology you need to keep your business running. But you may not know what types of insurance you may need and how much coverage is right to protect your business.
If you’re running a small business, you know about some of the common perils you may face. Accidents happen and things break every now and then. Liability lawsuits are fairly common now. And the changing climate continues to produce devastating weather events resulting in record level property damage claims. Much of a business’s success is based on its resilience through adversity.
Small business insurance can help your business survive and prosper through tough times. It can help cover the costs of liability claims and property damage. Without it, you may have to pay those costs out of your own pocket. That can be expensive - the cost of an average, paid liability claim is $15,000.1
At a minimum, consider buying General Liability and Business Property insurance for your business. Or you can get a BOP – a Small Business Owner’s Policy – which contains both in a single policy. For your Workers’ Comp Insurance The Hartford partners with Payroll Vault to offer this coverage integrated with payroll services. This option helps manage your cash flow and minimizes surprise, annual audit charges.
Ask your payroll provider about Business Insurance at The Hartford