Small business insurance may seem expensive, but it could be critical to saving your business in the event of a disaster. A recent report by Forbes broke down the cost of small business insurance and highlighted the different coverage options.
If you own a small business, you can expect to pay somewhere between "$14 to $124 a month, depending on which types you buy."
The Forbes article broke down the following types of coverage:
Business Interruption Insurance
If you include each type of coverage, you can expect to pay about $340 per month. It is essential to understand each coverage and how it protects your business.
General liability provides protection in case someone is injured on your property or if you or an employee damages someone else's property. Several factors may affect the price, including building size, location, payroll, revenue amounts, and your company's claims history.
Commercial property coverage is expanded coverage of the property and may include protection for equipment and employee theft.
Business interruption coverage protects your business if it is forced to shut down. This will replace any lost revenue, continue payroll, and cover relocation costs.
Inland marine insurance coverage protects your property while in transit. It covers any products shipped to and from your business or equipment regularly driven or used for work purposes.
Cyber liability insurance covers you against a cyberattack. Your financial losses can be covered if your business loses any income related to computer hacking.
Workers' compensation coverage helps employees who are injured on the job. It will cover medical expenses and lost wages.
You will need to file an insurance claim if your business is damaged by something like a fire, tornado, or hurricane. One of the best things you can do is contact a public adjuster to get professional help throughout your claim.
A public adjuster does not work for the insurance company; they can be brought in for professional claims management. Filing an insurance claim, especially for a business, can turn into a long and stressful ordeal.
RELATED | What is a public adjuster?
You will be required to produce volumes of paperwork, including your initial claim documentation, detailed proof of loss report, and more. Hiring a public adjuster means you can turn this over to licensed insurance claims professionals so you can focus on your recovery plan.
Sill is the leading public adjusting firm in North America, and we specialize in business insurance, commercial property, and business interruption claims. We represent hundreds of business owners annually and guide them to a more successful claim settlement.
When you hire Sill, you get the settlement you deserve, and we will expedite your settlement. Our team of public adjusters has negotiated settlements with almost every insurance provider in the industry.
Sill is one of only a few public adjusting firms that also features a team of forensic accountants who are experts in business interruption claims. If your business loses revenue, our team and help you recover, and we can help protect your employees by quickly understanding your business needs and continuing payroll.
RELATED | Business Interruption Claims
Sill recently helped the Dayton Phoenix Group recover after a devastating tornado tore through a 600,000-square-foot manufacturing plant.
"From day one, our effort was to SAVE OUR JOBS!! With the help of Mike Hickle, Don Dragony, Chris Jensen, Tom Radel, and their support team, we were successful in our endeavor. We had no idea just how difficult dealing with our insurance company would be. We relied heavily on your team's expertise throughout the process," said Darryl Patak, Chief Financial Officer, Dayton Phoenix Group.
Sill has offices throughout North America, which means we can respond to any location within hours. If your business has suffered damage and you plan to file an insurance claim, you can contact us 24/7 by calling 844.650.7444.
SOURCE | Forbes.com