Many small business owners find it hard to select business insurance that caters to their specific operational needs.
Many small business owners find it hard to select business insurance that caters to their specific operational needs. Insurance already has many seemingly complex options. There’s also a lot of myths that people read about, that makes decision-making even harder. Questions arise such as: What should I cover? Do I only need to invest in one comprehensive policy? Do I need an insurance broker? Malden Solutions is here to debunk some myths and make understanding insurance a little more straightforward. If you want to learn some facts about how to protect your business, then keep reading!
Myth 1: Homeowners Insurance Covers Those Who Own a Business at Home
Homeowners insurance is not enough to protect your business. This kind of policy only applies to the home, but not the company. Some things are covered, but it is best to buy adequate business insurance. For example, if a lot of your work involves online activity, it might be best for you to invest in data breach coverage.
Myth 2: General Liability Covers Every Risk
General liability insurance does not cover everything. It is not a one-size-fits-all solution. What it does cover is lawsuits filed against your company by people that are not employees. It protects against injuries, property damage, and even slander.
Myth 3: No Employees Means No Workers’ Comp
Even if you’re the sole proprietor of your small business, workers’ compensation may still be a requirement, depending on the state. What determines the coverage that you may need is the number of employees you have as well the type of industry. Another significant point to note is that if you hire on contractual workers’, you may not need workers’ compensation insurance. However, if you have full or even part-time employees, then you want to make sure that you both have coverage if an incident happens on the job.
Myth 4: Flooding is Always Covered
Insurance coverage does not always include flooding. You can always add this on to your existing policy, especially if you live in a state that’s known for torrential rain.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter,Facebook, and Linkedin.