The Business Insurance Policies You Can’t Overlook

The Business Insurance Policies You Can’t Overlook

10:53 27 August in Insurance

Running a business is one of the most fulfilling and exciting ventures you can dedicate yourself to. You are provided the opportunity to channel your energy and passion into your craft and your customers.

However, there is a flip side. With ownership and leadership comes time spent focusing on the nuts and bolts of your business. And one of those things is insurance, both for you and your employees.

We love each and every one of our clients and are grateful for the relationships formed. Unfortunately, sometimes the inception of these relationships is due to unfortunate events and circumstances. We have multiple clients who came to us after facing significant loss because of lack of coverage.

Navigating the insurance landscape can be frustrating and confusing for business owners. While many (if not most) know they need the basics such as property, liability and workman’s compensation, there are less obvious policies available that could make the difference. Let’s explore the most important business insurance policies for small to mid-size business owners.

Cyber Security Insurance

While the digital age has been one of humanity’s most transformative eras, it has its downfalls. We now face the reality that practically anyone has the ability to learn how to access and extract information from nearly any target they please.

And with 61% of all cyber security incidents directed at small businesses, the need to protect your business, your employees, and your clients from a potential hack is becoming increasingly essential.

A robust cyber insurance policy can help businesses weather the storm more effectively when a data breach or network security failure has occurred. Unfortunately, many do not understand the scope of what a cyber insurance policy can provide in the event of a network security failure, and how that scope has expanded over the past few years.

Navigating the insurance landscape can be frustrating and confusing for business owners. While many (if not most) know they need the basics such as property, liability and workman’s compensation, there are less obvious policies available that could make the difference. Let’s explore the most important business insurance policies for small to mid-size business owners.

General & Professional Liability

General Liability. General liability insurance covers physical damage to the property of others or injuries to others, as well as protection from claims of libel and slander. Many landlords will require their tenants who rent space in their buildings to carry this type of insurance so they can protect their property.

Professional Liability. Professional liability on the other hand protects businesses from claims that the business was negligent in performing their professional services or failed to perform their services. This type of insurance is unique in that it insures the actual services your business provides.

Navigating the insurance landscape can be frustrating and confusing for business owners. While many (if not most) know they need the basics such as property, liability and workman’s compensation, there are less obvious policies available that could make the difference. Let’s explore the most important business insurance policies for small to mid-size business owners.

Group Life/Health/Disability

Your employees are one of your greatest business assets, and the benefits you offer them can become another. Not only can a good group benefits package help retain your top talent, it can also aid in attracting new talent.

Group life, health, and disability insurance keep your employees safe, sound, and secure. With recent increases in insurance premiums, offering these benefits can make the difference in the success of your business. Without happy, talented, and empowered employees, your business is nothing.

Navigating the insurance landscape can be frustrating and confusing for business owners. While many (if not most) know they need the basics such as property, liability and workman’s compensation, there are less obvious policies available that could make the difference. Let’s explore the most important business insurance policies for small to mid-size business owners.

Umbrella Insurance

Umbrella policies provide additional protection against loss by covering any costs that go above and beyond the limitations of policies you already have. Essentially, it picks up where your business auto liability, general liability or other liability coverage stops.

For instance, if your auto liability policy covers accidents that might occur in a specific area, an umbrella policy could expand the coverage territory. Another example is if a customer slips on a wet floor in your office and injuries themself, the medical costs may exceed your primary business liability coverage limits. Umbrella insurance would help cover this.

Ultimately, umbrella insurance picks up the slack of other coverages.

Navigating the insurance landscape can be frustrating and confusing for business owners. While many (if not most) know they need the basics such as property, liability and workman’s compensation, there are less obvious policies available that could make the difference. Let’s explore the most important business insurance policies for small to mid-size business owners.

Property Insurance

Property insurance can protect your business against everything from a burst pipe to fire damage.

Whether you own your free standing building, lease an office or work at home, business property insurance protects your business’ physical assets.

It’s important to keep in mind the location of your business. If located in the flood zone, we ensure your flood insurance is kept current and designed to recover any, and all, related damage.

Other business insurance coverages include:

  • Commercial auto
  • Workers compensation
  • Bonds (contractor obligation)
  • Builders risk
  • Employment practices

 

This day in age, it is crucial to ensure the protection of everyone and everything involved with your business. With your, and their, livelihood at risk, we are here to make sure your back’s are covered and your business remains successful.