Does Your Small Business Have the Right Coverage?

From smallbiztrends.com

1. Auto Insurance

Are you using your business vehicle for personal use or your personal vehicle for business purposes? The car you’re using for more business related purposes needs a commercial auto policy, you might find that a claim during business pursuits could be denied. This includes home parties, direct sales, and “side businesses” where you might work part time for someone else. Having the right type of insurance will help cover you, your assets, and your business better.

2. Workers’ Compensation

A workers’ compensation policy is required by law in New York State. So even if you are a sole proprietor your business needs to be covered by a worker’s compensation insurance policy. The good news is that the New York Board is decreasing the rates of workers’ compensation insurance by 4.5%, saving $400M for employers, making this the perfect time to start a workers’ compensation insurance policy.

3. Errors & Omissions, or E&O

E&O insurance gives your business coverage if your advice or efforts influence a customer negatively or do not meet their expectations. Two ways to protect yourself from an E&O lawsuit in the future include covering your business through E&O insurance, this will help cover legal fees, and creating a properly worded contract with your client in order to cover your business from a lawsuit.

Call your Hometown team with any insurance questions or quote requests. We can quote or review your business, personal or life and health insurance needs! Call 1-800-568-SAVE (7283) or email us at: service@hometowninsurance.com