A small business takes a lot of work, time and effort to make it a success. Many times you will have to put in over 80 hours or more per week to make sure things get done. So it stands to reason that you will want to protect your investment from perils and risk that could wipe everything out. When it comes to business insurance, there are some things that you will need to know to control the cost that you will have to pay.

There is an insurance product for just about everything. The question is whether you truly need the policy. There are four things that you will want to know about to keep your costs under control.

The Type of Business You Own

The type of business that you own will dictate what kind of insurance you will need to have. The following types of the industry will need the following insurance plans.

• A company that deals with technology will need to have a cyber liability policy. This helps cover the cost of an information breach. 
• Food and Delivery will have to look at owning a commercial auto policy and a liability policy. This protects the vehicles in your fleet and your exposure to the lawsuit for personal injury.
• Account firms will need to have a policy called a professional liability/ This protects your people in case of an error that leads to a client having to pay fines for errors to their tax returns. 

The Number of Employees

Along with the specialized policies to protect your business you will be required to have insurance to help protect your employees. A worker’s compensation policy will be required by state law. It protects you and the employee in case they are injured while on the job.

Another type of policy that you will have to pay for is a disability insurance policy. Disability insurance keeps you from being sued by employees that have been injured on the job. It helps pay for the medical costs associated with the injury. This policy is required by law in many states. 

Payroll Issues

Nothing is for sure when it comes to the future. A company can go out of business or find itself unable to pay employees for their hours worked. The payroll policy will help cover the costs of such issues. The cost of this policy is determined by the size of your payroll.

Claims, Claims, and Claims

The cost of all of your insurance policies will be determined by the number of claims that you have filed. The rule of thumb to remember is that the more claims you have ,the higher your premiums will be. Each claim stays on your record for a set amount of time before they fall off and stop affecting your insurance costs. 

There are a lot of things that can affect the cost of your insurance policies. If you have any questions, then please call us today or visit us on our website. We can help answer all of your questions that you have about business insurance.