It takes time, money, inventory, inspections, contractors, advertising, and so much more to start a small business.  Ask a few entrepreneurs about their startup costs or monthly overhead and you’ll get answers as different as can be. Between your lease, utilities, equipment rental, shipping costs, office supplies, and other monthly expenses, you’re putting a lot into your business. It takes mere moments for a disaster to wipe out that work. To protect that business, it’s vital to make sure you have the right types of small business insurance.

1. Data compromise coverage

You can take steps to secure your digital information, but there is always a risk that information could be compromised. While the big companies make the news for data leaks, your small business is more likely to be a target. In fact, 61% of data theft victims are small businesses. Data compromise coverage helps your business recover and may even help your customers, clients, and employees if their information is hacked.

2. Equipment breakdown coverage

It can be a leaky HVAC system, a walk-in breakdown, or an electrical malfunction. If your equipment isn’t working, neither are you. Equipment breakdown coverage doesn’t just help your business repair or replace the broken item, it may also pay for lost business income, perishable goods, and other expenses.

3. Employee theft and dishonesty coverage


No matter how careful you are in the hiring process, you will eventually hire a dishonest employee. An article in Securitymagazine notes that 68% of employee theft cases happen in small and mid-sized businesses, and the median loss is $289,864. That kind of loss can put a small business out of business or at least make it hard to keep the doors open. As part of the Pekin PAK Program, employee theft and dishonesty coverage could buttress your business against these losses.

4. Errors and omissions coverage

This is an especially important insurance enhancement for contractors. Accidents happen. An oversight on your part or a defective product can turn into expensive repairs. Errors and omissions coverage can help your small contracting business stay afloat in the face of these additional expenses.

5. Business income coverage

How much income would you lose each day if you had to close your business due to a covered loss such as a fire? Business income coverage provides compensation to a business for that loss and may be the key to helping you keep your doors open. to a covered loss such as a fire

6. Employment practices liability coverage

Even if you aren’t at fault, defending yourself against an accusation of illegal employment practices, such as discrimination, harassment, or wrongful termination, is an extensive and time-consuming process. It’s also expensive. Employment practices liability coverage can support you through this trying time and help you get back to focusing on your business as soon as possible.

7. Outdoor property coverage

If your business has outdoor landscaping, outdoor property coverage can help you recoup the expense if it is destroyed. Though most of us may not think about insurance coverage for the trees on our property, a trip to a plant nursery is a good reminder of how much they can cost. If you go through this list and think you may have some gaps in your coverage, do not worry! 

Frost-Beck Insurance Agency in Archbold or Whitehouse, Ohio can help.  Frost-Beck Insurance will put together the perfect plan for you and your business. Ask them about our Deluxe Business Owners Policy—our gold standard in business insurance!

Call Frost-Beck Insurance Agency at 419-446-2777, send us an email at frost@frostins.com, or click here to submit your request.