Small Business Insurance: A Guide
I’m a small business, do I really need insurance?
In short, yes. Insurance is needed for all transactions of business where outside parties are involved—big and small. Even though it might be tempting to opt-out of insurance, the risk is much greater (and expensive) if you’re not insured.Â
The Risk
Picture this.
Your small yoga studio is starting to thrive as COVID-19 restrictions lift. More people are signing up for classes. Hooray, this is good news! Then a too-complicated pretzel move goes haywire and now you’re being sued for malpractice. And to top it all off, you don’t have insurance.
In retrospect, you wish you would’ve gotten Health and Wellness Insurance. Again, the risk is far greater than paying for small business insurance.
Types of Small Business Insurance
Insurance jargon can be intimidating, which is why we’re here at Competitive Edge to help!
There are SO many options of coverage to look into as a small business:
- Health & Wellness
- Construction
- Cyber Liability
- Surety Bonding
- Worker’s Compensation
- General Business
- Umbrella
- Executive Coverage
Insurance is not one-size-fits-all. As a small business, there are differences between the type of coverage that might work best for you. This can differ depending on what state you reside in, what industry you’re trying to insure, and more.
Even if your business is made of a small group of employees, business insurance is essential. If anything happens in office (injury, wrongful termination, emotional neglect), you will instead pay for it out of pocket.
Still not convinced?
Our team is dedicated to your safety, security and ongoing success. Our clients stay with us for decades because we have their business’ best interests at heart and the depth of knowledge and experience to protect and insure them no matter what the market conditions. Contact Competitive Edge today for more details about small business insurance!
