The U.S. Small Business Administration defines small businesses as those employing 500 or fewer employees, representing 56 percent of Idaho’s workforce. Small businesses play a key role in Idaho’s economy, and commercial insurance helps them meet their legal and contractual obligations. If you own a small business in the Hailey, ID, area, consider selecting the Harrison Insurance and Financials LTD team as your commercial insurance partner.
Who Needs Commercial Insurance?
Every small business should consider carrying commercial insurance, as operating a business brings risk. Some small business owners rely on their home insurance to protect business assets, despite home insurance typically covering only $2,500 in business assets. Likewise, small business owners sometimes take risks by relying on their personal auto policy rather than a commercial vehicle policy, particularly when employees drive the vehicle.
Beyond those examples for very small businesses, as your business grows and adds employees, Worker’s Compensation insurance becomes necessary to protect against employees who might be injured on the job. Commercial and property liability insurance also becomes important if your business owns or rents space, especially if customers or suppliers visit the premises. Of course, other forms of specialized commercial insurance are needed based on the nature of your work.
Also, businesses that work with government agencies may be required to carry Worker’s Compensation or other forms of insurance, and private companies often have requirements included in their contracts.
Regardless of your business’s size, you should meet with an agent to discuss the benefits of protecting your business and personal assets against loss.
Working with Harrison Insurance and Financials LTD
The Harrison Insurance and Financials LTD team serves the Hailey, ID, private and business communities. Call (208) 788-3255 to schedule an appointment for an insurance plan that protects your business.
