3 Types of Insurance That Brick and Mortar Businesses Shouldn’t Neglect

Running a business has more risks than just not having enough sales to cover the operating expenses. There are a number of things that can happen beyond a business’s control that can have a catastrophic effect on its finances, particularly for a solid, brick-and-mortar store. Customers can injure themselves on the property, employees could hurt themselves while working, or an employee driving a company vehicle could be responsible for an accident — just to name a few possibilities. Feeling paranoid yet?

Workers’ Compensation

Though regulations vary from state to state, it is always a good idea to carry workers’ compensation insurance. Should anything happen to an employee during the scope of performing a job, the employer is on the hook for all of the medical treatment and financial care of the employee even if the employee is not able to work. These issues can be very costly because not only could you end up paying someone to not work while you are paying for that person’s health care, but you may also have to now cover the expense of an additional employee performing the work in the absence of the injured one.

General Liability

General liability insurance represents the cornerstone of your commercial insurance. This is often thought of as “the ol’ slip-and-fall” insurance as that principle is the general idea. If a customer falls on your property due to an issue deemed the business’s responsibility to have prevented, this is the insurance that would protect the company. This is also the insurance that protects the premises out of which the business is operated, even if it is a rented property.

Auto Liability

Commercial auto insurance is likely required by state law, but is also always a good idea to have. Much like personal auto insurance, this type protects a company’s interests in the event an employee happens to be responsible for an auto accident. Even the best drivers have an off day, and as with any other employee actions, it only takes the “one” time to have a costly accident. Another advantage of this insurance is that if a company vehicle is struck by an uninsured motorist, the damage to the company vehicle is covered.

Even when you take every precaution, remember Murphy’s Law: “Whatever can go wrong, will.”
That being said, don’t let one mishap be the thing that closes your business. Take out appropriate insurance, and that will be one less thing you have to worry about.

Was this article helpful? Read this one next: Marijuana Use May Be OK With Some Life Insurance Companies

Posted in

Common Health Issues That Affect Middle-Aged Men

By Andrea Kay | January 27, 2023

As you age, your body often declines in health. Because your body is not in its prime and your organs have been working longer,…

How to Measure Product Success in Your Business

By Andrea Kay | January 26, 2023

As a business owner, it is paramount to measure the success of your products in order to expand and reap profits. By surveying which…

What to Do Before You and Your Partner Decide to Have a Baby

By Andrea Kay | December 27, 2022

Having a baby is a big step to take with your partner. You’re bringing a new life into the world and you’re permanently changing…

What to Do Before Buying a Business

By Andrea Kay | December 27, 2022

If you want to build wealth, owning a business can be a great way to do that. Some people make that happen by building…

Why Old Software is Hurting Your Business

By Andrea Kay | December 27, 2022

Software is essential for just about every conceivable business. No matter your industry, no matter your market, you need to be taking advantage of…

Crucial Business Functions That Require Greater Investment

By Andrea Kay | December 27, 2022

There are a lot of elements that go into running a business. However, some of them deserve special attention. When you shift your focus…

What You Need to Know About Smart Credit Card Use

By Andrea Kay | December 9, 2022

Are you applying for a credit card for the first time? Having a credit card will open many doors for you, especially if you’re…

How to Improve Cybersecurity at Your Business

By Andrea Kay | December 9, 2022

Every business in the modern world is going to incorporate a substantial amount of technology. This will also be true for your business, no…

Health Risks That Increase as You Get Older

By Andrea Kay | December 7, 2022

There are plenty of things to look forward to as you age. Retirement tends to be one of the more commonly discussed and planned-for…