Small businesses are the heartbeat of the Ashland community, and we here at Main Street Insurance are proud to be a part of that camaraderie. All across Wisconsin, people are at various stages of pursuing their dreams – whether from a small storefront or an office in their basement or garage. Starting and running a small business comes with many risks, but with the right insurance and the support of an independent agent, you can safeguard your company’s income and assets so you can spend less time worrying and more time doing what you do best.
At Main Street Insurance, we offer comprehensive protection for small businesses with access to a wide range of coverages from several of Wisconsin’s leading commercial insurers. No matter what stage of business you are at, we can help you establish the coverage you need to protect your business both now and in the future. From your employees and vehicles to your inventory, income, and business structure, we can help you safeguard your business against nearly any challenge that may come your way.
Types of Small Business Insurance
Your small business will have risks and coverage needs that are both similar and different from other businesses – even businesses just like yours. Because no two companies are exactly the same, commercial insurance is divided into many different lines of coverage. You can generally pick and choose which types are right for you, although certain types may be required by law. We can help you determine which types of coverage are right for your business based on your company’s:
- Size
- Industry
- Employees
- Service location(s)
- And more
Your business may need coverage for:
Liability Insurance
When customers sue businesses for premises injuries or damages caused by faulty products or services, legal fees and judgments can total tens or even hundreds of thousands of dollars or more. That’s a lot of money for the average small business – perhaps enough to shut your doors. General liability insurance, product liability insurance, and certain other types of coverage can shield your business income and assets against litigation and financial obligations caused by third-party injuries and property damages.
Property Insurance
It’s hard to put a price tag on the value of all your business’s physical assets. After all, you invested a lot into building and sustaining your company, from the inventory and machinery to the furnishings, computers, and the structure of your building. Property insurance protects your business if it is destroyed by fire, burglarized by criminals, or damaged by certain natural disasters.
Commercial Auto Insurance
If your company owns one or more vehicles, you may need commercial auto insurance. This coverage can help pay for repairs to your company car if it is damaged in a collision or due to a non-collision event, such as vandalism or hail. It can also compensate you for the loss of your vehicle due to covered events, including theft. If a driver of your business vehicle causes an accident that causes third-party property damages or injuries, commercial auto insurance can also cover liability up to the limits of the policy.
Workers Compensation Insurance
Here in Wisconsin, employers are responsible for creating safe working environments for their employees. That includes providing compensation for lost wages and medical bills if an employee is injured on the job. Workers compensation insurance provides coverage for employee injuries and protects your business by limiting the amount of money a worker can pursue in compensation of a workplace injury.
Employment Practices Liability Insurance (EPLI)
As an employer, your business must respect the rights of its employees and individuals applying for employment. If you are accused of wrongful hiring and firing practices, harassment, or discriminating on the basis of sex, race, age, or disability, EPLI can cover the cost of your legal expenses and defense costs even if you are not guilty of wrongdoing. If a court does find your business at-fault, EPLI can cover the cost of judgments up to the limits within your coverage.
Errors and Omissions (E&O)
Many businesses make money giving advice, recommendations, or expert services, repairs, and installations to their clients or patients. If you make a mistake or an omission that results in a loss or injury, you can be sued for the damages. E&O helps pay for legal fees and judgments if your business is accused of negligent actions or poor quality of work. Many occupations can benefit from E&O, including but not limited to contractors, accountants, real estate agents, financial consultants, wedding planners, physicians, and more.
Key Employee Coverage
Not all employees are easily replaced. In some cases, businesses provide services that are contingent upon the abilities or talents of a specific worker or workers. When one of these employees is no longer able to work because of disablement or death, your business’s cash flow may halt until you can find a suitable replacement. Key employee coverage compensates your business when the loss of an essential employee affects your day-to-day operations.
Commercial Umbrella Coverage
Liability insurance is an important part of your business’s foundation. It protects everything you’ve worked hard to build and attain, even when facing some of the most difficult losses and challenges. In some cases, however, general liability and other lines of coverage are not enough to protect a business against major litigation. For those scenarios, commercial umbrella insurance can provide a financial safety net, stepping in to pay for excess damages above and beyond the limits of your primary coverage.
Wisconsin Small Business Insurance Quotes
If you own a small business in Wisconsin, you can trust Main Street Insurance to help you find the coverage you need at a price that protects your business’s bottom line. We offer commercial coverage lines from a wide range of Wisconsin insurers, as well as business owners policies (BOP Insurance) for small businesses with generalized risks. If your business qualifies for BOP insurance, you can bundle coverage for things like general liability, property damage, business interruption, and more into one simple policy. In addition, BOP insurance may save your business money versus purchasing the coverage individually.
For more information about Wisconsin small business insurance or to find out how an independent agent can help you save, contact Main Street Insurance today.
