Guide To Business Insurance

If you’re a business owner, you know how much work goes into building your brand from the ground up. 

After all the long hours and hard work you’ve put in, the last thing you want is to lose it all in an instant. To help protect your business and yourself, there are a number of different types of insurance you should consider obtaining. Your needs will depend on what type of business you’ve developed and we’re here to help you explore your options and find the right coverage for your needs. 

Business Owner’s Policy (BOP)

The most common type of commercial insurance is a business owner’s policy (BOP). This type of coverage combines property and liability insurance into one policy to help protect you financially from claims relating to fire, theft, or other unexpected disasters. A BOP can also protect you from claims resulting from bodily injury or property damage.

Since each business has unique needs, BOPs can usually be customized to fit your risks. Your local insurance agent can work with you to help you determine your needs and help you take the first step in obtaining this coverage.

If you’re not sure you need a business owner’s policy, here are a few circumstances that would require coverage:

  • You have a physical location for your business.
  • There is a possibility of getting sued by a customer — for example, a patron slips and falls on your property.
  • You have assets that could be lost, stolen, or damaged. This pertains to digital assets and physical. 

Commercial Auto Insurance

Did you know that your personal auto policy does not cover you if you’re using your vehicle for work? For example, if you’re making deliveries in your personal vehicle and get in a car accident with another driver, you may not be protected from the medical or damage expenses. 

If you’re using your vehicle for business purposes, you definitely want to explore your options for a commercial auto policy. This will provide you with comprehensive coverage for private passenger vehicles and light to medium trucks and trailers with service, retail or commercial uses. Full coverage is available for your vehicle and coverage limits of up to $1,000,000 are available for liability.

Employment Practices Liability Insurance (EPLI)

This type of insurance provides financial protection from a variety of employment lawsuits and complaints, from discrimination and retaliation to sexual harassment. It can also protect you from administrative actions filed for wrongful discharge, defamation, and invasion of privacy.

Cyber Insurance

On average, 43% of all cyberattacks target small businesses. If you don’t have a cyber insurance policy, you’re at risk of losing your business in the event that you experience an attack. There are many different types of coverage and services you can obtain when it comes to a cyber policy, but in general, it will protect you from damages caused by electronic threats to your computer system and data. Here are a few instances that you’ll be protected from with this type of policy:

  • Someone hacks into your system and steals customer data such as social security numbers, medical records, or credit card information.
  • Costs related to recovering data after a loss.
  • Legal fees and settlements related to a breach of data.
  • Coverage costs related to an investigation after an attack.

Other Types of Coverage to Consider

You may not need all of these types of coverage, but to help you protect the business you’ve built, here are a few to consider:

Coverages What’s Covered
Property insurance This protects your business and its physical assets and any repairs related to theft, damage, fire, or loss.
Product liability insurance Coverage on claims related to product defects. If you sell an item that results in injury or property damage, this will protect you financially from any liable responsibility.
Business interruption insurance This will compensate you for income loss due to physical damage to a property from a natural disaster or accidents resulting in a suspension to normal operations.
Home-based businesses If you’ve started your business from home or now operate out of your home, your homeowners’ policy doesn’t cover any costs related to your business. This helps you in the event of loss or damage to your data or inventory.

How to Obtain a Commercial Insurance Policy

Now that you’ve worked so hard to build your business, let us help you protect it. To make sure you have everything you need to protect you and your business financially, speak with a local agent who can help you understand all your coverage options. Visit our website to find an agent near you

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