Who can you rely on when the going gets tough? No matter what size business you own – a sole proprietorship, a small family business, or a large corporation – insurance is what helps guarantee the continuity of your company when unexpected circumstances result in financial distress.
Required Wisconsin Business Insurance
Wisconsin has financial responsibility laws that require business owners to purchase certain types of insurance coverage. They include:
Workers compensation insurance is coverage with benefits payable to your employees if they become injured on the job. It provides both financial and medical benefits to victims in need of urgent or rehabilitative medical care. This includes payment of necessary medical costs, as well as wage replacement if an employee needs to take time off work to recover from an injury.
Commercial Auto Insurance
Businesses are required to purchase auto insurance that helps pay for property damage and bodily injury liability assumed in an accident. By law, businesses that operate motor vehicles for commercial purposes must purchase liability protection with $25,000 coverage for injury or death of one person, $50,000 coverage for injury or death of two or more people, and $10,000 coverage for property damage. Business owners are also required to purchase the same bodily injury amounts in uninsured motorist protection. Keep in mind that most businesses need much more liability protection, as well as physical damages and medical payments coverage to prevent major financial losses after an accident.
Other Important Business Insurance Coverage
Most small and mid-size Wisconsin businesses purchase business owners package (BOP) policies that include a wide range of important commercial insurance solutions. In addition to workers compensation and commercial auto insurance, you may need a BOP that includes:
This protects your business property and commercial assets, including your building, equipment, inventory, furniture, point of sale system, signage, and more. Property insurance generally covers several different types of perils, such as fire, high winds, hail, falling objects, theft, and more.
General Liability Insurance
General liability insurance helps cover any monetary, non-monetary, and punitive damages you incur as a result of your role in someone’s bodily injury, personal injury, or property loss. General liability can also help cover your legal defense fees, compensatory claims, and ‘mental anguish’ claims if someone sues you for false or misleading advertising.
Business Interruption Insurance
When a fire or some other covered event results in damage to your business, equipment, or inventory, it could render your business inoperable – at least until you are able to rebuild or replace that which you lost. Business interruption insurance helps cover your loss of net profits and any payments, such as debts and salaries, you are responsible for despite your circumstances.
If your business suffers a loss at the hands of a dishonest employee, your insurance can help cover your loss. This includes coverage for fraud, theft, and embezzlement.
Employment Practices Liability
If you are sued for discriminatory hiring and firing practices or sexual harassment, your employment practices liability insurance can help cover the claims.
Business Insurance Quotes
If you own your own business or you are thinking of starting one in the future, insurance will play an important role in the security and stability of your company. Here at Lillie-Couch Insurance, we know the types of risks you face every day. As a small business ourselves, we take your needs seriously and are committed to finding you affordable business insurance that protects your company as well as your bottom line. For more information or to request your free consultation, contact our office today. We look forward to serving you soon.