Finding Small Business Insurance Baton Rouge Employers Can Trust
Small business insurance might be on the bottom of every small business owners checklist for success. However, finding small business insurance Baton Rouge employers can trust should be one of the vital necessities in every business plan.
Business insurance is your safety net against any unexpected costs, such as lawsuits, workers’ compensation claims, and any unforeseen occurrence that may tank your business. Approach the acquisition of business insurance as you would any major decision for your business—with tact. This guide will help you explore ways to sleuth out small business insurance Baton Rouge employers can depend on.
Finding the Small Business Insurance Baton Rouge Employers Can Trust
Small businesses contribute more than 40% to this nation’s economy and it seems that almost every year that number is getting smaller and smaller. The financial burden of running a business without insurance could tank any profitable small business. There are severe consequences for operating a business uninsured, including liability lawsuits, penalties for noncompliance, loss of product, and so many other financial losses. Business insurance is necessary for any company, regardless of size. You want to find an insurance company that satisfies all of your company’s needs and protects your company from any unexpected catastrophes.
For small businesses especially, it matters where the budget is spent and often companies find they have to make a choice between paying employee wages or providing benefits. That doesn’t mean it’s okay to skip the cost for insurance and you might be losing more out of pocket when something happens that could hurt your business. When searching for small business insurance Baton Rouge business owners can trust, there are a few ways you can weed out the great companies from the subpar ones. This article offers a few suggestions when searching for a Baton Rouge insurance company and hopefully, it can point you in the right direction.
Research Is Your Best Friend
No one wants to walk blindly into such a huge decision. It is vital that you gather as much information as you need to choose the best small business insurance for your company. Research is a strong component of this stage of your insurance seeking process. While it’s unnecessary to become a small business insurance expert, you should know the basics. Here are a few to guide your research:
- Determine the risks of your business to understand the proper coverage you need
- Evaluate the cost by comparing small business insurance quotes
- Meet a trustworthy and knowledgeable insurance company that will guide you through the process
- Find the right small business insurance policy
- Re-assess your business needs at the time of renewal
What You Need vs. What You Don’t
Now that we’ve looked into some of the most common forms of small business insurance, it is time to assess what your company needs out of its insurance policy. You need to learn about the different types of small business insurance Baton Rouge business owners need. Does your company need to cover the cost in the event of a workers compensation claim or just employee healthcare benefits? Do you know the difference between workers comp and regular health insurance? This is time to find out everything there is to know about insurance.
For a quick reference, here are a few different types of insurance that are available for your business:
- General Liability Insurance – An honest necessity for most small businesses, this type of insurance covers property damage, bodily injuries, and covers medical expenses. This is your end all, be all protection against lawsuits in the event of a claim. Whether it’s a lawsuit brought on by an unexpected consequence of your company’s product or the medical bills associated with an unexpected harm, this liability insurance will protect your business the whole way through, if you find the right insurance company.
- Property Insurance – Even if you have liability insurance, there might still be a need for property insurance. This form of insurance covers not only damage to your company’s building, but also all things under the umbrella of “personal property.” This can include certain machinery needed for operations and other physical assets, like furniture and equipment. Depending on the type of plan your insurance provider has available, the disposal of debris and water damage is also covered.
- Workers Compensation Insurance – Most states require this form of insurance once you’ve accumulated a certain amount of employees. In the event of an employee’s injury, workers comp provides income for the time the employee is out of work. Workers compensation also covers additional medical expenditures and vocational rehabilitation. Learn more from the U.S. Department of Labor about what is covered under workers compensation insurance to see if these programs could benefit your business.
Canal HR Is the Small Business Insurance Baton Rouge Employers Can Trust
Discovering the small business insurance that Baton Rouge employers can trust can be daunting, but at Canal HR, we understand the importance of handling your businesses most sensitive information and providing a variety of insurance policies suited for any business. Canal HR is a licensed Professional Employer Organization, which means we partner with businesses to provide adequate coverage, risk management training, pay payroll, handle compliance, and so much more. If you’re looking for trustworthy small business insurance in Baton Rouge, contact us for a quote.