Having a business, big or small, is perhaps one of the biggest investments you will ever make. That is why, you put so much attention, effort, time and money to make sure that it is successful. But having a business is not easy. From the operations, management, marketing – there are so many things that you need to take care of. One of the most important things you need to prioritize when you have a business is how to keep it safe against any risks.
Whatever industry you are in, businesses are exposed to different types of risks like an expensive lawsuit, damages on properties, physical injury or illness, and so on. These risks are beyond your control and they can greatly affect you.
The best thing that you can do to be prepared for all these threats, is to find the right business insurance coverage that will protect you and your business. Here are some of the important insurance coverages that your business should have:
1. General Liability Insurance
Sometimes business activities or operations can go wrong. These activities can cause bodily injury or property damage to a third party. These accidents are beyond our control. That is why, in order to protect your business during these circumstances, you need a general liability insurance plan. A general liability insurance plan will safeguard your business against claims of bodily injury or property damage.
2. Property Insurance
Fire, calamity, theft, vandalism – these are just some of the uncontrollable threats that your business office or building is exposed to. If you own a building or an office, or you have expensive business equipment like computers, tools, machinery, among others, you need to have the right property insurance coverage. A property insurance plan will protect your business from expensive property accidents. Depending on your property insurance plan, it can cover the repair and replacement of your business properties.
In addition, you may also want to include in your plan a business interruption coverage. This will protect your profit while your business is under repair and unable to operate.
3. Professional Liability Insurance
If your business offers professional services like lawyers, accountants, insurance agents, medical practitioners, consultants, among others, you need to have a professional liability insurance. This policy will protect you in the event of professional negligence or error. Your insurance plan will protect you from costly lawsuits and can cover damages for your clients or affected party.
4. Worker’s Compensation Insurance
Your employees are your business’s greatest asset. You need to protect them while they are under your employment. That is why you need to have a worker’s compensation insurance plan. This insurance plan will provide medical benefits as well as compensation in the event that your employees get injured while on the job. This will also prevent your employees from filing a lawsuit against your company in the event of an accident, as they will be covered.
5. Product Liability Insurance
If your business produces any type of products, a product liability insurance plan is a must. No matter how much you perfected your product, there will be uncontrollable situations that can cause your product to become defective. A defective product is a threat to the safety of the public. That is why to avoid expensive lawsuits and damages, you need to protect your business with the right product liability insurance coverage.
6. Commercial Auto Insurance
You need a commercial auto insurance plan to protect your company’s vehicles against damages and collision. It also protects people, products, and equipment, that are inside the insured vehicle. If your employees use their personal vehicle for business purposes, your business should get a non-owned auto liability coverage to protect you in case that your employee has inadequate personal auto insurance plan.
7. Business Owner’s Policy (BOP)
If you are not sure what coverage to get for your business, you can try a business owner policy. BOP includes all the important coverages that your business needs starting with general liability insurance, property insurance, professional liability insurance, commercial auto insurance, among others. You can customize your own BOP insurance plan. You can include different business insurance coverages that you think your business needs. This kind of policy is ideal since bundling up all your business insurance plans into one policy will help you save more.
These are the insurance coverages that your business must have in order to be fully covered. You want to make sure that you are protected against the unexpected, and that your business is in the best shape to tackle any issues that may arise.
Browse through our blogs for more useful information on business insurance. If you have any questions, we are here to help guide you through the insurance process. Call us or fill out a form today and get started!
Chris Tracy
