There are multiple reasons why it's important to have the proper amount of insurance coverage. If your business is threatened by a lawsuit or an individual opts to file a liability claim against one of your employees, the end result could be devastating for your business unless you're covered with an appropriate insurance policy. Additionally, having an adequate amount of insurance coverage can help show your customers that your business is credible. That way, if an issue arises, you'll have a way to be better financially prepared for it.
Types of Insurance Coverage Options for Iowa Small Businesses
Though your individual insurance coverage requirements may vary based on how you operate your small business, there are several types of policies you should consider whenever you're crafting your risk management plan. Iowa may require you to carry certain insurance coverage in order for you to continue conducting business; however, it may be necessary to have additional policies in place to help properly safeguard your business against unnecessary threats.
In Iowa, employers are required to provide a means of compensating employees who suffer workplace injuries. Although certain exclusions apply, many small business owners opt to carry workers' compensation insurance even if they're not mandated to do so because it's built to protect both the employer and their employees. Why should you consider purchasing coverage? Imagine how catastrophic it could be if an employee becomes seriously injured at work and is unable to continue working for a period of time while he or she recovers. With workers' compensation, an employee who faces an illness, accident, or injury because of a workplace incident may be compensated for the costs of:
- Lost wages
- Medical bills
A businessowners policy (BOP) is a comprehensive small business package that bundles general liability and property coverages into one policy. It encompasses:
- Property Insurance - Property insurance helps you recover from the effects of property damage that stems from fire, theft, or vandalism. It also typically covers your business assets, including inventory, furniture, equipment, signage, and more.
- General Liability Insurance - This type of insurance coverage is intended to help you recover from financial losses that stem from negligent acts, property damage you cause to a customer, personal injury a third-party individual suffers while visiting your business premise, and more.
- Business Interruption Insurance - With business interruption insurance, if your business is shut down due to a covered loss, the policy could provide you with financial support while your business recovers.
Additional Types of Insurance Coverage Small Businesses in Iowa Might Need
Covering all of your bases is important, and it's advisable to consider purchasing additional types of insurance coverages, depending on how your business is set up. For example, you should carry commercial auto insurance if you own or lease vehicles for business purposes. And, employment practices liability insurance can serve to help protect your business if a disgruntled employee brings a claim of wrongful termination, harassment, or discrimination against your company.
Learn More about Insurance for Iowa Small Businesses
No matter what specific needs you have as a small business owner in Iowa, with the bespoke small business insurance coverage options that are offered through AmVenture Insurance Agency, Inc., you can be ready to tackle any dilemma you face. Contact us today to receive a complementary quote, and gain the peace of mind you deserve.