Small Business Insurance: Protect Your Company While Managing Costs (2 of 5)

2. Workers’ Compensation Insurance

In many states, once a business employs a certain number of employees, it is required to carry workers’ compensation insurance. If an employee sustains an injury or falls ill due to work conditions, this policy offers medical coverage, wage replacement, and rehabilitation services. Beyond the cost-saving benefits, workers’ compensation sends the message to your staff that you care about their well-being and provides structured assistance if workplace accidents occur. This, in turn, helps maintain employee morale and financial stability, which are essential if you want your business to succeed.

3. Commercial Property Insurance

Commercial property insurance protects the physical components of your business, such as the equipment, inventory, and furnishings, along with the building itself. Fires, theft, and vandalism are just a few of the culprits that cause damage, resulting in costly repairs or replacements. Regions that face unpredictable weather, such as hurricanes and floods, make this coverage especially beneficial. Some policies even allow for customization to protect high-value tools or machinery specific to your industry, ensuring your operations can recover quickly after unexpected damage.