The type of coverage your company needs depends on several factors. To understand what insurance plans you should look for,
consider the answers to these questions:
Does my company offer goods or services?
Do I have a storefront for customers or is everything handled remotely?
Do I drive to deliver goods to the customers?
How are mistakes handled?
What happens if a customer’s data is hacked?
For all of these questions, there is at least one form of insurance that can help protect your business in a variety of situations.
Depending on your small business insurance needs, you likely should get multiple forms of coverage. This can get confusing if you aren’t sure what type of coverage to choose or what it can do to keep your business safe, that’s where we come, we take the confusion and stress out of insurance needs for your business from liability to accidents to health coverages.
When shopping for coverage you need to keep in mind what is generally covered under the insurance you are buying, such as
Commercial general liability insurance is essential if you have a storefront or office that customers, employees, or both enter or use. If someone other than an employee is hurt in an accident or another incident that involves bodily injury, general liability insurance can protect your business in the event that you get sued. This also applies to someone getting hurt by any products, services, or other parts of your operation.
Let’s talk about how much coverage you will benefit from based on your type of business and its unique needs. That way you aren’t underprepared in case something happens.
A Business Owner’s Policy (BOP) is a type of insurance policy specially designed for small businesses. While the coverages that are included can be unique to the small business’s needs, a BOP typically includes both property insurance and commercial general liability insurance in one package. This can help protect your business from a range of common risks, such as property damage, theft, and liability claims.
BOPs are often more affordable than buying separate policies for each type of coverage, and they can be customized to meet the specific needs of your business. That’s where our experience comes in, let us help you tailor your BOP to your particular business’s needs.
Professional liability coverage, also called errors and omissions insurance, protects you and any of your employees in case they get sued over a mistake. Let’s say your legal assistant does not review a business contract and causes the client to lose money in a business deal, they, along with other members of the law firm, could be sued. Having insurance in place can protect the law firm from any damages they could face. While your company is part of an entirely different industry, the same idea still applies. Professional liability coverage can help ensure that you are able to run your business as normal in the event of a lawsuit.
Any company that deals with cars or trucks, transportation of goods or people, or anything else that requires transportation, then having commercial auto insurance is a must. This coverage protects against physical damage and different types of vehicle-related liability situations that your company could find itself in. It is especially important to protect yourself and those who work for you in case an accident occurs during transportation.
When choosing this type of insurance, you’ll need to figure out how much you’ll need based on your business, employees, and the number of vehicles in your fleet. This again where we are uniquely qualified to assist, we can save you a lot of grief
Having product liability insurance is a must if you sell a product that your consumers use, and there is an issue that occurs with the product. Perhaps it breaks, causes injury, or otherwise damages something that your customer uses, such as a floor cleaner ruining their floor. Consumers might misinterpret how a product is marketed, use the product for some other purposes that were not part of a disclaimer, and choose to sue. You can protect yourself and your business no matter what happens when you have the correct liability coverage
Data breaches are now a daily occurrence, you see them publicized in the news, and while you normally see them mentioned in relation to large companies, they can happen to small businesses, too. Depending on the type of cyber attack that happens, this could cause great financial loss for your company and even force you to go out of business if you are not prepared. It is not just for security companies anymore, every day service companies are getting their computers hacked and the results are not pretty.Cyber insurance with data breach coverage is helpful if you store customer information, accept credit card payments, or have other factors that could cause you to be a target of hackers or other cybercriminals. Keeping your company as safe as possible can help your customers trust you and continue to do business with you, too. Consider exploring cybersecurity services, as well, with a focus on prevention of cyber attacks on your small business.
A commercial umbrella policy can handle a variety of additional problems not covered by the other insurance types. Commercial umbrella insurance provides coverage that goes further than a regular business insurance policy, and it can be useful to have in high-risk situations or if you’re worried about the current limit of your other policies being maxed out.
It is important to remember that commercial umbrella coverage is not stand-alone product; you’ll need to have other insurance policies, such as general liability or professional liability, before using it. It will give you peace of mind when you are experiencing an intense situation..
Make sure you evaluate what your current business looks like and what you require to safely operate when considering your small business insurance needs. Any appropriate coverage ensures that you and your company are safe in a variety of different situations and can protect you in case of being sued or other potential problems.The short answer is not only do you need coverage, in most states except for Texas it is the law ! Call us for a short no commitment consultation to find out how to protect
