IT functions, once a staple of large corporations, are now accessible to businesses of all sizes due to the emergence of cloud computing and IT management software. However, according to a study, only 17% of small businesses are where they want to be with the use of technology. Streibich's first point is to analyze the new generation of companies entering and altering markets across the business spectrum. They are software companies in every sense of the word, driven by technology from start to finish.
“All digital disruptors are software companies, and they are basing their business models on software platforms, and these software platforms are much more agile,” he says. An essential part of this development is the rise of the Internet of Things, in which organizations are connected to a wide range of devices and products, providing intelligent views and information on an ongoing basis. All businesses can benefit from commercial insurance coverage, and some policies are required by law. Learn more about how insurance can help your small business. Whether you're self-employed to earn extra money, launch a new company, or expand your company with new employees, the right types of coverage can protect your company's assets and give you peace of mind.
It's easier than ever to own a business, and technically you could be considered one, even if you only have a small additional job in addition to your full-time job with an employer. Working for yourself means much more freedom, but it also exposes you to certain risks that are unique to business owners. This type of business insurance is important because it can cover professional mistakes made by you or an employee that negatively impact your customers. Nearly every state requires companies to have insurance coverage. Most companies that have employees are required to have workers' compensation insurance. Regardless of the laws where you live, it's smart to invest in coverage that can pay bills if your employees are injured on the job.
If you have a commercial vehicle, state laws also require commercial car insurance. Small business owners are often the target of lawsuits. If a visitor has a slip and fall accident that results in bodily injury to your property, or you sell a product that hurts someone, you could be sued. Appropriate insurance, such as general liability insurance with defective product liability coverage, provides protection against lawsuits so that legal fees don't drain your bank account or force your business to close.
Just as homeowners insurance can pay for repairs and replacements if your home is damaged, commercial property insurance can pay for the repair and replacement of your company's equipment and property. This policy can provide coverage for losses related to windstorms, fires, vandalism and theft. Most Insureon customers can save money by purchasing property coverage with general liability insurance coverage in a package called a business owner's policy (BOP). If a fire or some other covered property insurance event forces your business to close, business interruption insurance can replace your lost income.
This little-known gem is often part of a business owner's policy and can make the difference between recovery and closure after unexpected events. Data breaches and cyber attacks have the potential to affect every business. Cyber liability insurance can soften the blow if your business is affected. Helps cover hacker ransom payments, customer notification costs, and other recovery efforts.
Whether you're transporting tools between workplaces or renting cars when you're traveling to meet with customers, commercial car insurance can cover damage and liability, just like your personal car insurance does. If you have a vehicle titled for your business, the policy for you is likely to be a commercial car. If you or your employees drive personal vehicles for work purposes, contracted and non-owner car insurance (HNOA) is usually the right option. The IRS considers commercial insurance policies that benefit your company to be a cost of doing business.
That means you can deduct your commercial insurance costs when paying taxes, as long as they serve a business purpose. Some professions, such as realtors, dentists, and accountants, may need liability insurance to meet licensing requirements in your state. Landlords generally want their tenants to have general liability insurance and property insurance. In fact, most landlords require proof of insurance before renting a commercial space from you.
Many small business owners form their business as a Limited Liability Corporation (LLC). While LLCs can protect business owners from business debts, bankruptcies, or lawsuits against the company, the LLC will not protect the company itself from common business risks such as fire, cybercrime, and lawsuits. If any of your company's equipment, buildings or inventories were stolen or damaged or if a customer sues your company for a slip and fall accident; the right insurance coverage could help your business survive. Your homeowners insurance policy is unlikely to cover a business-related claim; so the right insurance can offer protection for both your business and personal property as well.
Depending on the structure of your business; there may be some variations in the coverage you'll need. For example; workers' compensation laws in some states don't require LLCs to have business partner coverage. General liability insurance is often one of the first policies purchased by small business owners; covers third-party claims (those that come from people outside your company), including slip and fall accidents; product liability; damage to third party property; and damage to reputation. Professional liability insurance (also known as errors and omissions insurance) covers claims for professional errors; missed deadlines; or problems with the quality of your work that cause a financial loss.
Workers' compensation insurance covers medical bills and partial wages for employees injured on the job; and is mandatory in most states for companies with employees. Keep in mind that an employee's regular health insurance does not cover their medical expenses for work-related illnesses. Workers' compensation also provides corporate liability protections to employers. Disability insurance can replace part of your lost income if you are unable to work due to illness or injury.
