The deal is done, and your keys are in your hand. You have your startup capital, and most of it is probably already spent. The day that your business opens is almost here. If you’re like most of us, you’ve probably dreamed of opening at least one business for your entire life. Maybe more than one. But now that your dream is here, how will you protect it? How will you make it grow?
Business insurance is a vital ingredient to making sure that a healthy business thrives and grows in the great American economy. Bridgeway Insurance Group is here to help Montgomery, AL entrepreneurs take ownership of their businesses.
Do I need business insurance from Day One?
When you open your first business, there are a lot of things on your mind. Your employees are your first priority, as they should be. With many people, business insurance probably isn’t. It should be, though. Your sole proprietorship is built of things that you can’t easily replace. Dedicated office equipment can cost tens of thousands of dollars, and if you take a loss on those machines, that might be money you can never get back.
Am I required to have business insurance?
The answer to that question depends from industry to industry. Many basic startups like tech contracting startups don’t require you to have business insurance, but it’s always a good idea.
How do coworking spaces affect my business insurance needs?
If your business works out of a coworking space – an office rented with workers from different companies – you will need business insurance. All the risks of running your own business are doubled when your business exists in a space shared with others. Consult your professional partners at Bridgeway Insurance Group in Montgomery, AL about your business insurance needs.
Being a business owner in the Montgomery, AL area has continued to be a goal for many people. If you would like to own and run a business here, there are a lot of important choices to make. One big decision will come when you need to choose a new insurance plan.
There are various situations when a business will need to have a commercial insurance policy:
Businesses Raising Capital Need Coverage
No matter the type of company that you want to run, you will have to have access to capital to get it off the ground. As you are looking to raise money for your business here, you will find that investors, lenders, and other parties will want to know that you are properly insured. In many cases, you will be required to carry a full commercial insurance plan that meets the set standards and contracts you sign.
Businesses Trying to Reduce Risk
You should also get a commercial plan if you want to reduce your risks. There are a lot of risks that come with running a business and having insurance can offset and mitigate many of them. If you do have a full commercial insurance plan, it can help to cover your business assets and provide commercial liability support, which will be advantageous in various situations.
Get Commercial Insurance Today
Businesses all over the Montgomery, AL area need to ensure they are covered with a proper commercial insurance plan. Once you are ready to start looking for commercial insurance here, it would be a good idea for you to call the Bridgeway Insurance Group. If you do call Bridgeway Insurance Group, you can learn a lot about the various insurance options and get the support to select an ideal plan.
Most states require employers to purchase unemployment insurance for their employees. The employer pays the premium for this coverage. You may want to consider obtaining employee benefits like disability and life insurance, short-term disability, or critical illness insurance.
The benefits will help your business as much as they help your employees. However, it’s important to note that if your employees are also independent contractors, they don’t fall under the same laws as regular employees. Consult Bridgeway Insurance Group for inquiries in Montgomery, AL, and surrounding areas.
Insurance for My Business If You Have Employees
If you have employees and want to ensure their safety during the course of their work, you will likely need to purchase some kind of insurance for your company. In most cases, your standard homeowner’s or car insurance may be sufficient for your personal assets. However, it’s a good idea to purchase business insurance for your new business.
As a business owner, you have a lot of responsibilities, and one of them is to protect the health and wellbeing of your employees. You can buy insurance for your employees through a third-party vendor, such as eHealth. Most small businesses that have employees will need to purchase some form of worker’s compensation or disability insurance for their staff.
Contact Us Today
Most large businesses will want to purchase commercial insurance such as liability, property, or workers’ compensation. You may need to purchase some form of workers’ compensation insurance. If you don’t have workers’ compensation coverage, you could be liable for your employee’s medical bills and lost wages if your workers are injured at work. You will also want to make sure that you have a business owner’s policy that covers property damage and liability if someone is injured on your premises or if someone sues you for damages. For expert help in Montgomery, AL, consult with Bridgeway Insurance Group.
There are several types of commercial insurance, all geared to meet the specific needs of the many types of businesses that need it. If you live in Montgomery, AL or the surrounding areas the Bridgeway Insurance Group can meet all your commercial insurance needs. Here are a few common questions about commercial insurance in Alabama.
Common Commercial Insurance Questions
- Is commercial insurance a legal requirement in the state of Alabama? Commercial auto insurance is required if you use a vehicle for your company function or if you have employees who use your vehicle. Regular auto insurance just is not enough to protect you, your employees, and your business from liability. If you have five or more employees you need to have worker’s compensation insurance, legally.
- What type of coverage should I purchase? There is no single answer to this question. But there are many types of commercial coverage and umbrella policies that can make sure that all your equipment, inventory, property, and employees are protected. Each business has specific needs, and there is the perfect policy available to meet your unique needs.
- Does my business have to be established for any length of time to get commercial insurance? No, you can and should be protected from day one, or even in the planning process. As soon as you buy that first piece of equipment, have that first line of inventory, hire that first employee, or even have an empty space you should protect yourself and your assets.
Contact us at Bridgeway Insurance Group if you have any more questions about protecting your business with commercial insurance. We serve Montgomery, AL and the surrounding areas, call today.