If you own a small business in Wisconsin, a range of situations could arise without warning and wreak havoc on your business' assets. Regardless of what industry you're in, imagine how you would recover financially if an employee gets injured or you were sued or found liable for any of the following scenarios:
- A workplace incident in which an employee becomes injured after suffering a fall
- A customer's allegation that you or your employees damaged the customer's property
- A customers' sensitive information being leaked after you were the victim of cyber piracy
With the proper small business insurance coverage, you could be protected against the financial burden presented by these and more risks.
What Small Business Insurance Coverage Options Do I Have in Wisconsin?
One particular package option that many small business owners in Wisconsin opt to purchase is a businessowners policy (BOP), which bundles key benefits of general liability insurance, commercial property insurance, and business interruption coverage. A BOP typically includes property coverage for the building you own as well as its contents, and it may protect you from a loss of business income resulting from property damage, theft, or vandalism. The policy can also include protection against third-party liability claims, including personal injury, advertising injury, bodily injury, and property damage, and it can be underwritten depending on any additional insurance coverages that you may request for your business.
Workers' Compensation Insurance
Under Wisconsin law, most small business owners who have employees are required to carry workers' compensation insurance. This critical policy covers the costs associated with a workers' comp claim, and, without it, you could be sued for a workplace incident that leads to an employee's accident, illness, or injury. Workers' comp also typically features enhanced protection for your employees by providing financial compensation for lost wages and medical expenses.
Commercial Auto Insurance
In Wisconsin, the law requires small business owners to carry commercial auto insurance if they own, lease or otherwise use vehicles for business purposes. This type of insurance policy can cover both property damage and liability risks that you may face if you or one of your employees is involved in an auto accident. According to the state of Wisconsin's Office of the Commissioner of Insurance, your policy must provide the following minimum liability coverage:
- $25,000 for injury or death of one person
- $50,000 for injury or death of two or more people
- $10,000 for property damage
- Uninsured motorist coverage of $25,000/$50,000 for bodily injury only
Cyber Liability Insurance
Many small businesses in Wisconsin rely on the internet to conduct business. Unfortunately, in today's society, cyber piracy is an ever-present risk, and the repercussions of not having sufficient protection could be devastating to your business. Cyber liability insurance can help you recover from the financial impact of a data breach or cyber attack, including the cost of litigation that may stem from customers impacted by a breach.
Where Can I Find Personalized Small Business Insurance Assistance in Wisconsin?
You've poured your heart and soul into operating your small business in Wisconsin, and it only makes sense to rely on an insurance producer that's as passionate about safeguarding it as you are. With the bespoke small business insurance solutions available through AmVenture, you can help ensure that your business is covered against a variety of its biggest exposures. Contact us today for the personalized support you deserve, or fill out of easy online form for a free quote.