COVID-19 has taken a serious toll on countless businesses across the US, leaving millions without jobs and wondering what to do next. Many are simply looking for a replacement job, potentially in a new industry that’s less effected by COVID. Some, however, are actually using this as an opportunity to start a business of their own. 

In just the first two months of quarantine, over 500,000 Americans applied for employer identification numbers. Since then, countless others have looked for opportunities to either start a fulltime operation or an independent side hustle. If you’re one of those people, then making sure you have the right insurance should be a top priority.  

The pandemic we’ve experienced over the past year has shown just how unpredictable the future is. Having quality insurance in place can help prepare you for whatever is head and reduce the risk of starting a business. The question is, what type of insurance do you need? 

Let’s take a look at the different areas of commercial insurance so that you can cover all of your business’s bases. 

General Liability Protection 

Every business needs some degree of liability insurance, no matter what industry they’re in or how big they are. This provides protection for injuries or property damage that you might be at fault for. It also gives coverage for lawsuits. This is especially important for LLCs and sole proprietors, as lawsuits can go after your personal belongings.  

Liability insurance is something you hope to never need, but it’s critical that you have it in place. 

Property Insurance 

If you have an office or any other type of commercial space, you’ll need insurance coverage for that as well. Commercial property insurance covers many of the same things as homeowner’s insurance, while also providing protecting for equipment, products, and more.  

Property insurance can be combined with general liability to create a “business owners policy” or BOP. BOPs are customizable policies that include general liability and property coverage, along with other areas like lost income protection. These policies are common for restaurants, apartment complexes, and retail shops.  

Even if your business is based in your home, you’ll likely need additional coverage for itYour home insurance policy usually won’t cover the loss of business-related items, nor will it provide coverage for injuries that result from your business.  

Auto Insurance 

Are you using a vehicle for commercial purposes? Then you might need commercial auto insurance. Even if it’s technically your personal vehicle as well, you might need to modify your existing policy to provide coverage for any commercial use. 

For example, if you’re using your primary vehicle for deliveries, ridesharing, or to carry tools to and from a job site, and you get into an accident, your personal car insurance policy might not cover that damage. Always make sure that your vehicle is covered for both personal and professional use. 

If you have a food truck, you’ll need additional coverage beyond what a commercial auto policy covers. 

Creating a Policy for Your Needs 

Every business has unique needs, offerings, and risks. Many first-time business owners end up either having too little coverage in an effort to save money, or they have too much coverage, resulting in wasted money. Neither of these is healthy for a new business.  

At Link-Hellmuth, we work with businesses of all sizes to help create a policy that’s perfect for them. We work with all major insurance providers, so you get the best coverage at the best price available. For customized business insurance in Springfield, Ohio and the surrounding communities, contact Link Hellmuth today!