These facts about small business insurance may surprise you.
All business owners will agree on one thing: small business insurance can be confusing. Learning the ins and outs of Property, General Liability, and Professional Liability Insurance can be overwhelming for a small business owner. After all, you just want to focus on bettering your business.
This April Fool’s day, don’t be pranked by your coverage. Here are some important pointers that you may not know about your small business insurance.
- Policies need to be tailored to your profession. Insurance policies are not one-size-fits-all. Every business has different risks and should, therefore, be covered on all fronts.
- You need insurance to sign contracts. To sign a contract, you may need General Liability Insurance and Errors and Omissions policies to show your client your Certificates of Liability Insurance.
- Insurance may come with a lawyer. Many small business insurance policies provide you with access to your insurance company’s lawyers. In the event of a lawsuit, you can choose this lawyer to save time tracking down a professional who knows the nature of your business.
- Small businesses can bundle insurance policies together to save. A Business Owner’s Policy (BOP) combines General Liability Insurance and Property Insurance into one policy. These policies are only available to small businesses!
- Errors and Omissions Insurance can cover frivolous lawsuits. When a client sues you unfairly or without cause, this insurance can cover the cost of your legal defense. This protection is like having a big, burly bodyguard by your business.
- Personal insurance doesn’t (usually) cover your business liabilities or property. If you drive for your business or operate out of your home, you might need small business insurance policies to cover those liabilities.
Pick your most suitable and comprehensive small business insurance by contacting Aimpro Insurance! Our professionals understand the importance of protecting your business in Phoenix, Arizona and can promise you that there won’t be any more April Fool’s day pranks or tricks!