A new year brings with it an opportunity to assess your small business goals and needs. As you’re going through your 2023 checklist, don’t forget to include your business insurance in your new year check-up. 

Many small business owners are juggling many tasks to run their day-to-day operations. They don’t need the hassle of worrying about whether they have enough insurance coverage. So what does small business insurance look like? 

According to our partners, The Hartford, there are 11 areas of coverage small business owners need to have in place; however, if you are just starting out and cannot get all of the recommended coverage, you need to ensure that you at least have these three areas of your business covered:

1. General Liability Insurance: General Liability Insurance protects your business from claims it caused either in the form of bodily injury or property damage to someone else. This can be things like slips and falls in your place of business or store. Some business owners add a Product Liability policy to their General Liability policy to protect against injury from the use of their products.

2. Professional Liability Insurance:
Professional Liability Insurance protects your business from mistakes in the professional service areas that your business provides. If you are sued for a mistake, this insurance policy will help cover the costs of your legal fees.

3. Workers’ Compensation Insurance:
Workers’ Compensation Insurance provides benefits to employees who may be injured or fall ill under your employment. More than likely, your state laws require businesses to have this type of insurance.

In addition to the three policy areas mentioned above, you should strongly consider adding a Business Income Policy, Commercial Auto Insurance Policy and Data Breach Policy. These additional policies can be a lifeline for your business if something should go wrong. 

Upon a risk assessment by our team of advisors, other coverage areas may include Commercial Property Insurance, Commercial Umbrella Insurance, Employment Practice Liability Insurance, Business Owner’s Policy, and Hazard Insurance. 

Give yourself peace of mind in 2023 by making sure you are covered. Our risk advisors are ready to help you with all of your insurance needs and put the power to mitigate risk to work for you.