Starting a business and building it are big undertakings. It’s stressful, exhausting, and costly. Of course, it’s also rewarding and fulfilling, too. You’re building something that may outlast you, provide for your children, and provide a valuable service or product to your community. The last thing you’d want is to lose it all to one major disaster because you didn’t have the right kind of insurance.
Take a look at the different insurance policies every business needs and make sure you’re protecting yourself, your company, and your future.
General Liability Insurance
This liability coverage protects you and your business if a third party, like a customer or vendor, sustains property damage or bodily injury due to something you, an employee, or your product caused. Make sure you file a claim with your liability insurance as soon as you learn about damage or injury, no matter how small it may seem, to protect yourself.
It doesn’t matter if you own your business location or lease it, you need property insurance. This coverage will cover damages from fire, theft, or storms to your equipment, signage, inventory, furniture, and more.
If you have even one employee, the chances are good that you will need to have a workers’ comp policy in place. Workers comp pays for the lost wages and medical expenses of an employee who becomes injured or ill while on the job. It will also pay death benefits if someone dies on the job. You’ll also be covered if your employee or their family decides to sue.
If a catastrophic event hits your area, like a major storm or other big event, and causes your business to shut down for a period of time, business interruption insurance will compensate you for the loss of business. This is especially important for a business with a physical location like a restaurant or retail store.
Commercial Auto Insurance
If you plan on owning vehicles for your business, you’ll need commercial auto insurance. But even if you and your employees continue to use your personal vehicles, it’s still coverage you need. It will cover you when you and your employees are out on the road for business purposes, even if it’s just an errand to grab bagels for the next staff meeting. Personal auto insurance may not cover an accident if they discover you were using your vehicle for business purposes.
Professional Liability Insurance
This coverage is also known as Errors & Omissions (E&O) coverage and is common in any service-related industry that requires specific knowledge: real estate, hair stylists, accountants, consultants, attorneys, and more. You’ll be protected in the event you make a mistake or fail in your professional duties.
Cyber Liability Insurance
If you work online, have a business website, take customer information, or have employee information, and use a computer or other electronic means to store your data, you’re at risk for a data breach. While big companies like Target make national news for their breaches, small businesses are more likely to be hit because hackers believe you’re not paying attention. Cyber liability insurance will cover the costs of notifying all of your customers, costs associated with fraudulent charges, the cost to reissue credit cards, advertising to help rebuild your reputation, and much more.
Now’s the time to check your policies to make sure you’re covered for the major events that could strike your business. Contact us today, and we’ll be happy to review your current policies and point out any coverage gaps that may exist.