The Insurance Coverage Every Small Business Needs

Running a small business or startup is not for the faint of heart. Small business owners have to take on many tasks from the beginning, like finding funding, developing a team, and landing the right small business Indianapolis Insurance options. Sometimes these tasks are pushed to the side when a foundation is trying to be laid down and the big picture comes into view. But everything can be lost in a snap with one large claim filed against a business.

Forbes points out that even though it’s becoming increasingly easier to shop for small business insurance, having a more hands-on guide helping decide which features are best is still important. From slips and falls to client data to employee laptops, there are multiple factors to consider when looking for coverage. Here’s a quick guide to help small businesses find the right coverage they need to protect the business, its employees, and its customers.

Property Insurance

Having commercial property insurance in order from the start is very important. Even if a small business owner doesn’t own the building they operate out of, it’s still very imperative. If the building is owned by the business operator, they will have to insure the property to its replacement cost. And if they don’t own it, everything on the property will have to be covered anyhow. This kind of insurance covers everything inside the building including computers, phones, and desks, as well as covering against theft, vandalism, and damage.

Business Interruption Coverage

This kind of coverage pays the business for the earnings the company loses because it can’t properly function and operate. Some policies like this pay only for lost earnings, and some others include additional expenses associated with moving or temporary relocation. This kind of coverage is really helpful for small businesses that rest in the line of fire of natural damage like floods, tornadoes, hurricanes, and earthquakes. This kind of coverage is often overlooked, but it’s very important to have when regular operations get interrupted.

Worker’s Compensation

Worker’s comp isn’t required to have on hand, but it’s still a good rule of thumb to line it up. This covers lost wages and medical expenses if an employee is injured or becomes sick as a result of their employment. This may come in handy for hip tech startups with ping-pong tables and rooftop access, for instance. Different states have their own requirements for what level of coverage is required, so having a professional insurance agent along to help decide what is best is key.

Data Breach Insurance

Cyber threats are becoming more rampant and more apparent in our everyday living. From social media break-ins to identity theft, businesses of all sizes are not immune. Data breaches can be very costly, something that a small business may not recover from. Data breach insurance coverage provides protection against the loss of sensitive information for both employees and clients. Anything kept on a company’s server is vulnerable.

About McClain Matthews Insurance

At McClain Matthews, we specialize in providing comprehensive insurance solutions for Indianapolis residents, business owners and beyond. For the last 69 years, we have established relationships within our community and pride ourselves on tailoring coverages as needed by our clients. For more information on how we can serve you, contact our friendly experts today at (317) 298-7500.