Business Insurance
Own Your Own Business?
Erie Insurance can help protect your assets and keep your risks at bay
When the going gets tough, the tough start small businesses.
That’s one positive that emerged from the recent recession. A growing number of Americans, often out of necessity, have set up shop. As of last December, the Bureau of Labor Statistics tracked a 2.5 percent uptick in self-employed Americans from the previous year.
Maybe you’re one of the accidental entrepreneurs who are in the midst of starting a business or you already have an existing small business. Or, maybe you’re just thinking about starting something. Wherever you are in the process, it’s important to know how to insure your assets and minimize risk.
What else to know
If you’re new to thinking about insurance for your business, the Insurance Information Institute offers some definitions that can help. The list includes property insurance, liability insurance, business auto insurance, workers’ compensation insurance and more.
Your Erie Insurance Agent can help you learn about and build an commerical insurance package made up of a wide range of policy offerings. And, with Erie Insurance, your insurance is backed by a local, risk management professional and service-focused claims adjusters.
There are several types of insurance that can help protect your business. A Business Catastrophic Loss, also known as an umbrella, provides an extra layer of protection beyond standard business or auto policies. It can help you manage the impact of lawsuits against your business in the future.
Tom Simone, a Washington D.C.-based personal injury attorney who runs a small business — a law firm — says in addition to general liability, auto coverage on company-owned vehicles and workers’ compensation, small business owners should consider life insurance. “It’s vital for the continuity of the business,” he says.
He goes on to explain, “Individual owners can take a policy out on the other owners so if one of them dies the business has funds to help it carry on. In addition, the proceeds can be used to pay the deceased’s heirs, so as not to have any obligations by the small business itself.”
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