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Let’s pick up where we left off from the previous blog, “Small Business Insurance Basics, Part 1”, where we summarized two important types of insurance you will most likelyl need to protect your  business, Property and Liability insurance. 

In this Part 2, let’s take a look at:                                                                                                                                        

  • Business Vehicle Insurance

  • Workers’ Compensation Insurance                                                                         

Business Vehicle Insurance – If you use your own car for business purposes, you should discuss this with us. Many personal auto insurance policies exclude coverage if the vehicle involved in an accident if used mainly for business. A business auto policy provides the proper coverage for any autos owned by a business. The insurance pays any costs to third parties resulting from bodily injury or property damage for which your business is legally liable, up to the policy limits. Depending on what kind of coverage you buy, the insurance may pay to repair or replace your vehicle because of damage resulting from accidents, theft, flooding and other events.

Workers’ Compensation Insurance – In all states but Texas, an employer must have workers compensation insurance when there are more than a certain number of employees, varying from three to five, depending on the state. In WI all employees working for an employer with 3 or more workers are to be protected by Workers' Compensation, there are different rules for farmers.  Also note that if there are less than 3 employees but any employee is paid wages of $500 or more in any quarter of a given year they are to be protected by Workers' Compensation.   Workers’ Compensation insurance pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury. When a worker dies as a result of injuries sustained while working, the insurance provides compensation to the employee’s family. 

An extremely small business, such as one operated by one or two people out of a home, may not need workers’ compensation insurance. But it often needs more property and liability insurance than is provided in a typical homeowners policy.

While there are other types of small business policies, i.e. Umbrella, Specialized Liability or Terrorism insurance, the overages summarized will give you a basic understanding of the types of insurance available. With this knowledge, you will hopefully have a better understanding of protecting your business.  Call one of our business insurance specialist for help customizing coverage to meet the specific needs of your business.

Give us a call at (920) 898-5731,  we can help! 

Source: Insurance Information Institute

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