Business & Professional Insurance for Entrepreneurs and SMBs
Any business, large or small, needs a business insurance package. These packages are a combination of various types of coverage, designed to protect a business owner’s investment when the unexpected happens. Owning a business brings opportunities, but it also comes with certain risks. Business insurance is there to provide protection when things go wrong, such as fire, theft, natural disasters, or lawsuits against your company.
The minute you start a business, you are exposed to certain risks. The importance of having the right business insurance cannot be overstated. Businesses today have a wide range of insurance options to protect them against a number of potential risks.
A commercial liability insurance plan is concerned with protecting your business from claims brought against it by a third party, which may be essentially anyone who is not an employee or contractor for your business. This may include your customers or clients, users of your products, or anyone who comes into contact with you or your employees through the course of your doing business. GL provides coverage for property damage, Bodily Injury/Medical Expenses, Non-Physical Personal Injury, Associated Legal Fees Unless otherwise specified, a general liability plan does not include workers’ compensation, professional liability insurance, or commercial auto insurance.
This is a must, whether you lease or own your space. Property insurance covers your place of business, equipment, inventory, furniture, and signage in case of a fire, storm, or theft. Many property insurance policies also cover costs such as debris removal after a fire and funds to continue operating until the damage is repaired.
Employment Practices Liability Insurance (EPLI)
If your business has employees, you probably need Employment Practices Liability Insurance. Employee discrimination lawsuits are more common than ever today. This insurance can help cover your legal defense and any settlements or judgments if you are sued by an applicant, employee, or former employee who is accusing your company of discrimination or harassment.
Workers’ Compensation Insurance
This coverage should be added to your business policy when the first worker is hired. Most states require employers to carry workers’ compensation insurance. It covers medical expenses, disability, and death benefits in case a worker is injured or killed in a work-related accident.
Professional Liability Insurance
Also known as Errors and Omissions (E&O) insurance, professional liability insurance is essential if your business is involved in rendering professional services. This type of business insurance provides protection against negligence claims based on harm caused by mistakes or a failure to perform. Each industry has its own set of concerns to be addressed in a professional liability insurance policy tailored to that specific industry.
Management Liability Insurance
Also known as Directors and Officers (D&O) insurance, management liability insurance is designed to protect the executive management team of a company from allegations concerning their management decisions. It applies to decision-makers of a business and protects them from personal liability in the event of a claim. It protects company and management by covering legal fees, settlements and other costs in the event of lawsuit and provides financial backing for the losses.
Product Liability Insurance
This business insurance is a must for any business that manufactures products for sale in the general market. Consumer product liability claims can arise no matter how careful you are to ensure your products are safe. Manufacturers in certain industries may need more product liability coverage than others.
Business Owners’ Policy
If you own property from which you conduct your business, you should ensure you have adequate property insurance that will cover damage to the building from severe weather, fires, accidents, and other incidents. Business Owners’ Policy (BOP) combines commercial property insurance with general liability insurance for comprehensive coverage at a reasonable price.
Cybersecurity & Cyber Liability Insurance
If your business uses any digital device, it is at risk for cyber attack. If a data breach occurs, most cyber liability insurance policies provide first-party coverage for a range of losses, including costs associated with:
Notifying customers of a breach
Hiring a public relations firm to repair damage to company image
In addition, cyber liability insurance policies with third-party coverage will pay for penalties, fines, and defense expenses for network and information security, based upon policy limits and the coverage you have in place.
Even if you hire an outside vendor to host your data, your business is still responsible for breaches. General liability insurance does not cover data breaches.
Umbrella insurance adds an extra layer of protection for all of your hard work. These policies cover what is termed “excess liability.” This type of policy helps to protect your business in cases of bodily injury or property damage lawsuits or claims. An umbrella insurance policy can cover any legal fees and protect your business against a range of other legal threats that could unexpectedly arise.
Most companies have liability insurance in place, and that is essential. An umbrella policy gives you the next level of protection. If your liability coverage limits are too low to cover the costs in a catastrophic injury claim, your umbrella policy covers the shortfall. These policies supplement general liability, auto liability, and employer liability limits.
Free Policy Review
We can review your existing policies and offer simple suggestions on risk protection that are based upon a real-world understanding of your operation, your facility, and the level of risk that may exist. There are a range of strategies that may work for you, and since we are business owners ourselves, we know the importance of the bottom line. We will go the distance for you in finding an affordable policy that will best protect you and your business.
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