National Small Business Month: An Insurance Guide
Scott Kakacek

Celebrating National Small Business Month

May is National Small Business Month, a time to celebrate the vital contributions small business owners make to our communities and economy. It's not just a moment of recognition but also an opportunity to reflect on and fortify your business's foundation, particularly in terms of insurance. As small business owners navigate the challenges of growth and risk, having the right coverage is crucial.

Foundational Insurance Coverage for Startups

  • General Liability Insurance: Protects against claims of bodily injury or property damage, providing essential peace of mind.
  • Commercial Property Insurance: Covers damage from incidents like fire, theft, or natural disasters. Note that flood insurance might require a separate policy.
  • Business Interruption Insurance: Compensates for lost income if your business operations are halted due to a covered event, helping you to maintain financial stability.
  • Workers’ Compensation Insurance: Required in most states, it covers medical expenses and lost wages related to workplace injuries, ensuring your employees are supported in critical times.

Additional Coverage as Your Business Grows

  • Professional Liability Insurance: Offers protection against claims of negligence or mistakes in the services provided, crucial for businesses offering professional advice or services.
  • Cyber Liability Insurance: Increasingly important, it helps safeguard your business against data breaches and cyberattacks, a growing concern in today's digital age.
  • Directors and Officers (D&O) Insurance: Shields your leadership from personal liability arising from management decisions, essential for protecting your business's decision-makers.
  • Employment Practices Liability Insurance (EPLI): Covers claims related to wrongful termination, harassment, or discrimination, protecting your business against employment-related disputes.

Protect What You've Built

This May, as we celebrate the progress and achievements of small business owners, it's also necessary to safeguard what you've worked so hard to build. Having the right insurance coverage not only brings peace of mind but also positions you for future growth. Consider reaching out to a licensed insurance agent to review or update your policy portfolio and ensure your business is well-protected. Here's to celebrating your success and building towards a secure future!

 

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