Most people are familiar with the saying, “Penny wise, pound foolish.” Unfortunately, many fledgling start-ups and tiny companies don’t take this sage advice when it comes to protecting their assets, property and reputation. In fact, a recent survey estimates that more than 40% of these smaller-sized firms do not carry coverage at all. It’s not until disaster strikes or a lawsuit is served that they realize the carelessness of their decision, and then it’s too late.
Not every type of small business insurance is required by law, but guessing about the proper coverage or foregoing protection entirely can have devastating financial repercussions. A wise strategy is to work with experts who understand the intricacies of insurance and bonding for small business. eMaxx, a top provider of commercial coverage, has worked with companies of all sizes, including small-scale and can tailor programs and policies to fit specialized needs. Using tech-enabled platforms and maximizing risk management for clients spanning the U.S., eMaxx has safeguarded companies for more than 20 years in a diverse range of niche markets ranging from transportation to energy, utilities, construction, towing, recycling and crane & rigging. In these specialized markets, such as those with heavy machinery, exposure to harsh weather elements and excessive travel, the threats are multiplied, and stakes are especially high.
How does small business liability insurance work? In short, this protects a company if someone sues for bodily injury, property damage or even reputational issues, such as libel or slander. In other cases, it may include product, professional and commercial property, as well.
The eMaxx advantage is that clients can reap the rewards of tailored coverages; these are industry-specific pacages for loss control and training that can be customized for each member. They can also access extensive claims management, litigation management, loss prevention and safety programs (such as web-based educational and certification platforms). This carefully crafted small business hazard insurance takes into account better risk selection with the ability to retrospectively rate an account. Ultimately, members enjoy a reduction in frequency and severity of claim outcomes with a 46% reduction in existing programs.
For companies still on the fence about the investment in these programs, Forbes is clear and succinct: it’s a matter of financial stability. Moreover, financial lenders, renters, licensing boards and related clients often mandate liability insurance before entering into any type of transaction. Furthermore, the policy will pay for legal costs, along with settlements and judgments.
Operating a smaller-scale company can be exciting and challenging. Get the support you need to succeed. Invest in the best liability insurance for small business with eMaxx and its unparalleled team of professionals.