 | If you're like most business owners, your business card might bear the title CEO or Owner, but you know that on any given day it could just as easily read customer service, marketing manager or chief cook and bottle-washer! The success of your business depends on your ability to wear all the multiple hats needed to keep the wheels of your business turning. At times, the dizzying pace required can turn even the most capable person into an overwhelmed entrepreneur wearing too many hats. |
Protecting the business that you've worked long and hard to grow is a key component to its success. Do you know what types of insurance you should have to protect your specific business? What happens if someone falls on your property? What if an employee sues you? What about a fire or theft in the building?
Business insurance can seems like a crossword puzzle without the clues. At Suburban Brokers, we have the expertise to help you sort out the best options for protecting your business. Look at the types of insurance that might benefit your company.
Business insurance can seems like a crossword puzzle without the clues. At Suburban Brokers, we have the expertise to help you sort out the best options for protecting your business. Look at the types of insurance that might benefit your company.
1. General Liability Insurance: Every business needs to have liability insurance. The policy pays losses arising from real or alleged bodily injury, property damage, or personal injury whether on your business premises or arising from your operations.
2. Property Insurance: If you own your building or business property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
3. Business Owner’s Policy (BOP): This policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner saves money with a BOP because the bundle of services costs less than the total cost of all the individual coverage.
2. Property Insurance: If you own your building or business property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
3. Business Owner’s Policy (BOP): This policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner saves money with a BOP because the bundle of services costs less than the total cost of all the individual coverage.
4. Commercial Auto Insurance: Protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance, you insure your work cars, SUVs, vans and trucks from damage and collisions. For employees that drive their own cars on company business, you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times, the non-owned vehicle can be added to the BOP policy.
5. Worker’s Compensation: Provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff.
5. Worker’s Compensation: Provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff.
6. Professional Liability Insurance: This type of insurance is also known as “Errors and Omissions Insurance.” The policy provides defense and damages for failure to render or improper rendering of professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons, technology providers, and many more.
7. Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file, a data breach policy will provide protection against the loss.
7. Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file, a data breach policy will provide protection against the loss.
| We have the markets and insurance solutions for your small business needs. Let us wear one of your hats for a while and help you to protect your business.  |  |
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