Where You Need Coverage for Small Business Insurance

4 min readApr 9, 2024

Navigating the maze of insurance for small businesses can be overwhelming, but it’s an essential part of safeguarding the future of the company and the well-being of its employees. Any seasoned business leader will tell you that there is a wide range of insurance coverage their company maintains to mitigate risks and provide for their team. This overview of Accountfully’s insurance portfolio offers valuable insights for other SMBs seeking to find the right balance in their insurance coverage.

Here is a deeper look into what we carry and what they cover.

The Business Side of Insurance

These standard coverages protect the basics of the business so that we know there is a backup plan when crime/fraud happens or any accidents that could end up in a lawsuit.

  • General Liability and Property: This protects against various risks, including property damage and bodily injury claims. It’s the standard for businesses to have this insurance to cover potential legal fees, medical expenses, and repair costs.
  • Professional Liability (E&O): If you are a business that provides services or advice, this insurance covers claims of negligence, misrepresentation, or violation of good faith. It’s a safeguard against the financial repercussions of errors and omissions in professional services.
  • Cyber Insurance: With the digital age comes the heightened risk of cyber threats. This coverage is crucial for protecting against data breaches, cyber-attacks, and other online risks that can have significant financial and reputation-related consequences. As an accounting firm, we see a lot of phishing scams and this is one of the more important layers of protection we rely on in conjunction with our strict anti-fraud practices.
  • Crime Insurance: This policy covers theft, fraud, and other criminal acts that could impact a business’s finances and operations.

The People Side of Insurance

Protecting the lifeblood (its people) of the company is essential. The following are coverages that help our team have some peace of mind as leaders and employees of Accountfully.

  • Directors and Officers: This insurance protects the personal assets of a company’s leaders in the event they are sued for alleged wrongful acts while managing the company.
  • Workers’ Compensation: This coverage is essential for addressing workplace injuries or illnesses. It ensures that employees receive proper medical care and compensation for lost wages, which in turn supports their recovery and return to work.
  • Unemployment Insurance: A critical component for employee welfare, this insurance provides financial support to employees who lose their jobs without being at fault, maintaining their financial stability during challenging times.

Quality Benefits for the Team

In addition to the direct business coverages, Accountfully provides employee insurance coverages, which include:

  • Medical, Vision, and Dental Insurance: These benefits are fundamental in ensuring the health and wellness of employees, covering a range of medical, vision, and dental care services.
  • Life Insurance and AD&D: Providing employees with life insurance and accidental death and dismemberment coverage is another example of a company’s commitment to the well-being of its team and their families.
  • Short-Term Disability: This benefit offers employees a percentage of their salary if they’re unable to work due to a temporary disability, ensuring financial stability during recovery.

Overwhelming or Just Standard Support?

When you list all of the coverage options, any small business leader will slowly get overwhelmed thinking of the coordination and cost involved in each. While it may seem unnecessary to maintain such extensive insurance, the unpredictable nature of business and life means preparedness is a must.

Each type of insurance serves a unique purpose, aligning with the company’s industry-specific risks, tolerance levels, and commitment to employee care.

Closing Thoughts

Does your insurance stack up to this list? When overwhelm kicks in, remember It’s about more than just fulfilling legal requirements; it’s about creating a solid foundation for the business and a secure environment for employees. While the hope is to never need to utilize these coverages, their presence provides a peace of mind that is invaluable in the unpredictable journey of running a business.

Learn More

▶︎ Learn more about CPG-related business insurance on our podcast featuring the team from Secure CPG

▶︎ Learn more about the planning side of carrying insurance and protecting your assets in our Chat with Heath Johnson from Bera Wealth

▶︎ Check out Uprise Partners if you are curious about adding a layer of protection with outsourced IT needs

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