Starting a small business can be exciting. Things start taking off and it feels like nothing can stop you and your business. While you may have a business that is growing rapidly and you are gaining more employees, make sure you have the right business insurance coverage. We want to help you keep your business up and running strongly, so here is a checklist for all business insurance you may need. These are all the insurance items you need to keep your business and employees safe.
General Liability Insurance
Even if your business is at home, it is important to have liability insurance for it. Accidents happen. Whether those accidents are big or small, your business needs to be covered in case there is any property damage, bodily damage, or personal injury of any kind. If something happens to your home business or employees, you need to know that you have the right business insurance coverage. Keep your small business safe.
Having a small business, it is likely that you will own a business building. There will also be other items needed for business like office supplies, computers, tools, and other inventory. Having property insurance for your business will protect these items from disasters like fire, theft, vandalism, or smoke damage. Make sure you get business insurance that covers your property and all the items on the property. Also, make sure to look into business interruption or loss of earning insurance with your policy. There could be a point in time where your business is unable to run properly and cannot operate.
Commercial Auto Insurance
Commercial auto insurance covers any vehicle that the company owns for use of the business. It will cover the employees, products, and equipment that could be in the vehicle. Work cars, trucks, SUVs, and vans can be covered from collisions or any other damage. Many businesses will have employees drive their own cars, so then you would get the non-owned auto liability as a part of your business insurance.
Business Owner’s Policy (BOP)
Companies that offer business insurance will many times offer a package that covers previously stated insurances. They will include property insurance, vehicle coverage, liability insurance, interruption insurance, and crime insurance to cover all of these areas in one package. Since these insurances are packaged together, it typically will have a lower cost for business owners. The non-owned auto liability (explained above) can also be added to this policy.
While your employees are on the job, it is possible that they could get injured. If they do, then they can receive wage replacement and medical benefits while they are with the company. This part of business insurance will protect your business from lawsuits and other complications. When you have the worker’s compensation benefits for your employees, in return they are unable to sue your company for any injury that happens while on the job.
Professional Liability Insurance
Having a new business, there is a chance that there will be some mistakes made. With professional liability, you can protect yourself from any failure to or improperly rendering professional services. General liability insurance does not have this type of protection, so it is important to know the differences. This type of business insurance can cover a variety of types of business including law firms, accountants, real estate, insurance companies, and technology providers to name just a few.
Director’s and Officer’s Insurance
Leaders of a business often have a reputation they want to keep high. When caught up in a legal situation, it can hurt leaders’ reputations and possibly hurt the business as well through profitability and operations of the business. Director’s and officer’s insurance is a part of business insurance that can cover the costs and damages lost in a lawsuit.
Businesses are becoming more and more technology-based, so a great deal of business and client information is being stored in computers or on an online server. It is becoming more and more common that businesses have a data breech in their systems. A data breech policy is an important part of business insurance to protect against the losses caused by the breech.
These are the types of business insurance it is important to have for your growing business. As an owner of a business, make sure that you also have all of your personal insurances also taken care of. Having homeowners insurance, renter’s insurance, personal automobile insurance, and life insurance are all important for keeping yourself protected. Give us a call or talk to an agent to help you decide what insurance policies you need for yourself or your business.