Small business owners plan to buy the right insurance coverage while staying on budget. However, in Hawaiʻi, your business will face many specific risks, including high tourism rates, accidents, and inclement weather. Having enough of the right insurance coverage will help you to overcome these issues while staying compliant with local laws.
Despite its importance, many business owners struggle to understand the different policies they need and how much they should budget for adequate coverage. Below, we’ll help you understand your coverage needs and limits, and how to budget for business insurance in Hawaiʻi.
Regardless of the type of small business you own, these tips can help you get the coverage you need for your workers, vehicles, and assets without breaking the bank.
Best Small Business Insurance Options in Hawaiʻi
General Liability Insurance
Your business needs to be protected against common accidents, including customer injuries, damaged property and assets, and damage to your reputation. General liability insurance is the first insurance option you should consider to protect your small business from these and other events.
In Hawaiʻi , Atlas Insurance provides customizable general liability insurance for small business owners. Personalized policies aim to protect your needs by covering your specific property and business assets while addressing any exclusions.
Workers’ Compensation Insurance
Another insurance that, with few exceptions, is a required policy for your small business is workers’ compensation insurance. This policy actually provides coverage for your employees when they are injured in work-related accidents. In cases involving work-related injuries, employees must be compensated for their time off, medical expenses, legal fees, and disability benefits.
Your business does not pay these costs. Instead, you carry the workers’ compensation policy that in turn, provides the coverage they need. A local firm with experience serving small businesses in Hawaiʻi is key to getting the right workers’ compensation insurance for your business.
For instance, workers who operate vehicles and heavy machinery require different liability limits than retail workers. Workers’ comp programs should address the infrastructure of your business so you don’t overpay for coverage you don’t need.
Experienced local agents understand the risks faced by small businesses in Hawaiʻi, including local workers’ compensation regulations. With over 100 years of experience, Atlas Insurance can help your business protect your employees as well as your bottom line with versatile workers comp policies.
Commercial Auto Coverage
If your business operates vehicles, you have a responsibility to your drivers, your business, and third parties on the road to buy sufficient commercial auto coverage. Business auto insurance covers your vehicles if they are involved in an accident, potentially saving your business thousands or millions of dollars on liabilities, including:
Repair/replacement costs- Third-party property damage
- Medical injury costs
- Legal liability costs
Commercial auto liability coverage is required for small businesses in Hawaiʻi, even when the business itself does not own the vehicles. For example, if you or your employees use personal vehicles for work-related activities, accidents will not be covered by your personal auto policies.
Businesses can balance their coverage needs within their budget by personalizing commercial auto policies that match their workflows. Not every business operates a fleet of vehicles, so not every business will require the most expensive coverage options.
Experienced auto insurance advisors can help you create a plan for auto coverage that matches your budget, meets regulatory requirements in your industry, and covers any potentially costly coverage gaps.
A local provider will recognize the specific risks facing Hawaiʻi small businesses, including the weather and traffic patterns that impact their operations. Local teams can address these factors in your area to create a policy that matches your needs.
How to Afford Small Business Insurance in Hawaiʻi
As a small business owner in Hawaiʻi, you may be eligible for a Small Business Tax Credit. This credit is available to businesses with 25 or fewer full-time employees with an average salary under $50,000.
To qualify, you must contribute 50% of the premiums paid on your employees health coverage. This coverage must be an ACA Qualified Health Plan, and your business must also comply with the Prepaid Health Care Act.
Visit Hawaiʻi’s Department of Labor and Industrial Relations, or speak with a local insurance provider, to learn more about your options for coverage and tax credits as a small business owner. By taking advantage of the DoL’s support of small businesses, you can make your business insurance more affordable while making sure you cover your assets, workers, and vehicles in any scenario.
Contact Atlas Insurance for Affordable Insurance Coverage
In Hawaiʻi, affordable insurance coverage is essential for small business owners. It allows you to protect your valuable assets in case of damage, protect your business’s reputation from legal liabilities, and more. However, budgeting for adequate insurance can be difficult, and you may be wondering how your risk level will change your insurance costs.
At Atlas Insurance, we provide small business owners in Hawaiʻi with an alternative to nationwide chains. Our team has been providing local, affordable business insurance for nearly 100 years. Our plans cater to the unique needs of Hawaiʻi-owned businesses.
Contact us today to learn how our team can assist you in budgeting for adequate business insurance coverage and creating a customized plan that works for your situation.