Insurance for Small Business 101

An uncomplicated breakdown of a once-complicated process

As a small business owner, you understand the value of your employees and know just how important it is that they feel happy, safe, and secure at work. But sometimes the very idea of protecting your business and your team can seem daunting, especially when it seems like there are so many steps, processes, policies and regulations involved. The truth is, it’s not as complicated as you might think.

Whether you’re new to the small business world or just looking to brush up on your insurance knowledge, here are a few proactive steps you can take to set your company and your employees up for success over the long run.

Workers’ Compensation Insurance

Workers’ compensation insurance provides you with the most critical financial protection that you need—like medical expenses, supplemental wages, and legal fees—in the event of a common workplace injury.

In most states, businesses with three or more employees are legally required to have workers’ compensation insurance, so this is less of a why and more of a how. Fortunately, with a data-driven pricing model and a process that’s entirely online, Cerity makes it easier than ever to get the workers’ comp coverage that’s right for you and your business, in just five minutes or less.

Business Owners Policy Insurance

Big or small, home-based or not, every business can also benefit from additional protection against general risks like liability claims, property damage, and bodily injury. While you could purchase these policies individually, the best (and cheapest) option is a bundled business owners policy (BOP)—a package created and customized to fit your specific small business needs.

First, kick off your insurance journey by considering the location and size of your business. It’s important to assess your risks and determine which kind of coverage will work best for your organization. If you have the time, consider doing a little shopping around. Comparing rates and benefits will help you know you’re selecting the best option at the fairest price.

Benefits Offerings

With unemployment hovering around an all-time low, it’s a job-seeker’s market, and employers must do what they can to get new, top talent through their door. To compete, even today’s small businesses are offering attractive, customized benefits packages to lure potential employees.

To ensure you are able to attract and retain the most qualified candidates out there, offer a benefits package that answers the needs of your future staff. For instance, start by considering the type of benefits that would appeal to the kind of talent you want to attract. While most people probably wouldn’t pass up paid time off, millennials, for example, might be more enticed by a student loan reimbursement program, whereas someone with a family might prioritize work-life balance with remote work options and flexible hours.

Peace of Mind

Remember, a happy, safe, and secure employee is a hard-working employee! Identifying and acquiring an insurance policy that’s right for you and your team isn’t the impossible task that it’s made out to be. We know that you’re busy, but taking the time right now, in the short term, to insure and protect your employees—the backbone of your business—will be worth it in the long term.

For additional resources on small business success, visit our Learning Center.