The policies you need and why you need them
Business Owners Policy
Every business is susceptible to damage, loss and lawsuits, any of which can cost you dearly. A BOP policy includes General Liability and Property insurance. Without protection, just one incident ending in an injury or a property damage lawsuit could bankrupt your business. Many business agreements with other entities require proof of General Liability coverage. General Liability protects your assets by covering events such as:
- slip-and-fall-type injuries to anyone visiting your business
- damage to the building you lease
- negligence by you that results in injury
- injury resulting from a product sold by you (Product Liability)
- allegations of slander or libel
Professional Liability Insurance
This policy is also known as Errors & Omissions. Providers of professional services have a great responsibility toward their clients. Traditionally, only attorneys, medical professionals, CPAs, consultants, and engineers purchased this type of coverage. However, any business offering professional services is at risk to exposures that require this type of coverage. Any failure to perform professional services that results in economic damages to a client triggers this coverage. And remember, pure economic damages without accompanying bodily injury or property damage isn’t covered by a General Liability policy.
Workers’ Compensation
This type of policy covers expenses incurred when an employee or uninsured subcontractor is injured at work or suffers a work-related illness on or off the premises. These include medical costs, lost wages, and certain lump-sum damages. It’s especially relevant to note most states require employers carry Worker’s Compensation. Of course, the organizations incur penalties if they fail to meet the requirement.
Cyber Risk Insurance
We hear news reports of data breaches almost daily and no business is immune. The damage to your business and its reputation can be costly when your customers’ personal and financial information is compromised. Cyber Risk insurance helps you manage the cost of repairing the breach and compensating your customers.
Business Auto
Whether you and your employees drive company-owned cars or personal vehicles for business purposes, you need Business Auto insurance. The risk of an auto accident is ever-present and injuries can result in costly medical bills — costly enough to bankrupt a small business.
Crime
No employer wants to think about employees stealing, embezzling, hacking or forging signatures. Nonetheless, it happens more than anyone wants to admit. Sadly, it’s typically the most trusted workers committing such crimes. Crime insurance covers the loss of property and money by dishonest employees.
Is your business fully covered? Let us help you determine that. Need more information or want a quote? Call us at 800-622-7370 or contact us online.
