Get the Coverage You Need with W3’s Commercial Small Business Insurance
Small businesses are the backbone of the economy. They’re at the forefront of new fields – solving today’s problems and figuring out how to get customers what they need, when they need it.
But staying ahead of the curve always comes with risk. Unfortunately, there’s no single insurance policy that covers every different kind of risk a small business might face. That’s why it’s important to compare different types of commercial insurance to learn what issues could impact your business in today’s marketplace. At Wallace Welch & Willingham, we provide a full array of insurance offerings to meet your business’s needs.
General Liability Insurance for Small Businesses
True to its name, general liability insurance is the broadest form of insurance coverage a business must have: it defends your business in case of a lawsuit – usually stemming from bodily injury or property damage sustained during normal business operation. This includes:
- Damage to customers’ property
- Bodily injury suffered by a customer on your premises
- Damage to property you rent
- Damage to your reputation from malicious prosecution or slander
Without general liability insurance, your business would have to pay for property damages and medical expenses entirely out of pocket, sometimes to multiple parties.
The cost of insurance depends on a variety of factors unique to your business, such as:
- Your type of business
- The general level of risk in your industry
- Your number of employees
- Your location
Small Business Professional Liability Insurance
Sometimes called errors and omissions (or E&O) insurance, small business professional liability insurance covers lawsuits that can result when a client or customer of your business claims that they were damaged by some problem with the product or service your business provides. If a customer claims that the service you provided was faulty, or that you misrepresented the benefits that they would receive from working with you, professional liability insurance can cover the resulting expenses, including:
- Judgments or out-of-court settlements
- Legal defense costs
- Lost earnings for your business
Without professional liability insurance, your business would be stuck paying legal fees and potentially any damages resulting from a lawsuit arising from claims of misrepresentation, negligence, or inaccurate advice.
Cyber Insurance for Small Businesses
Cyber liability insurance protects you from the growing threat of data breaches and cyber crime, and covers the significant costs that can follow in the event of an incident.
Many small business owners underestimate the risks of their exposure to cyber crime. Lots of small business owners think they’re too small to get targeted – but over 40% of cyber attacks are against organizations with fewer than 250 employees. Cyber attacks can be seriously disruptive to your business and can come from unexpected places – even if the work you do isn’t primarily conducted online.
Cyber liability insurance includes the cost of:
- Investigating the incident
- Notifying customers about a data breach
- Legal fees and expenses related to litigation
- Repairing damaged computer systems
- Recovering lost or stolen data
- Providing credit and information monitoring services for affected customers
Small Business Auto Insurance
Small business auto insurance covers both property theft and automobile liability: that means any lawsuit stemming from a company’s use of a car. Without small business auto insurance, your company could be liable for damages or medical expenses resulting from an accident involving your employees.
At W3 we work with clients to reduce their commercial auto insurance premiums by tackling potential problems before they develop. Our services include:
- A Personalized Risk Profile Overview
- Fleet Claims Analysis
- Safety Committee and Training Overview
- Fleet Telematics
Workers’ Compensation Insurance for Small Businesses
If your business employs more than four people, state law requires you to carry Workers’ Compensation Insurance. If you operate a construction business, Workers’ Comp is required if you employ even one person. The insurance provides payment for lost wages and medical expenses in the event that an employee is injured on the job. It can also protect you from the threat of an employee lawsuit following an accident.
There can be significant consequences if you don’t have Workers’ Compensation Insurance. Most businesses can’t afford to pay medical bills out of pocket. And since it’s almost universally required, there are also state penalties for non-compliance.
A Workers’ Compensation Insurance policy from W3 covers the costs from:
- Attorney’s fees
- Court costs
- Judgments and out-of-court settlements
- Death benefits in the event of a fatal accident
At Wallace, Welch & Willingham you also get the benefit of our CompWise Advantage program. We’ll analyze your company to determine the major factors contributing to workers’ compensation costs and recommend improvements that can lower your risk.
- Claims advocacy
- Cost control
- Loss control
- Risk financing
Request a Quote
The insurance landscape can be difficult to navigate without the right guidance. At Wallace Welch & Willingham, we work with you to determine the policies your business needs to make sure you’re protected and running smoothly. We’ll work with you to reduce your risks and lower your premiums. Our experts will design, manage, and implement a comprehensive coverage program tailored to your needs. Request a quote today to find out how W3 can work for you.