If you are starting or expanding a business, it’s a good idea to review your risks and exposures. You can address some risks, like theft, with a good security system, but acts of nature may be out of your control and are best covered with insurance.
COVERAGE FOR ACTS OF NATURE EXPOSURES:
Property Insurance: Provides building and business personal property protection. This includes office equipment, computers, inventory or tools and pays claims for fire, vandalism, theft, smoke damage, etc. You also may want to consider business interruption/loss of earnings insurance coverage to protect your earnings if the business is unable to operate.
Commercial Auto Insurance: Protects a company’s vehicles and any vehicles that carry employees, products or equipment.
COVERAGE FOR HUMAN EXPOSURES:
General Liability Insurance: Provides both defense and damages if you, your employees or your products or services cause, or are alleged to have caused, bodily injury or property damage to a third party.
Worker’s Compensation: Provides wage replacement and medical benefit payments to employees injured on the job.
Professional Liability Insurance: Offers damages and defense against claims of professional negligence. This protection is critical for professionals such as lawyers, accountants, consultants, agents and any profession providing services.
Directors and Officers Insurance: Covers the directors and officers of a company against their actions that may affect the profitability or operations of the company.
Umbrella Insurance: Extends an already existing insurance policy and covers beyond the regular policies.
Employee Benefits: Ancillary coverages that provide benefits for your working staff and their families. There are many coverage options for your team, including health, dental, vision, cancer, accident, disability and life insurance.
EXTERNAL EXPOSURE COVERAGE:
Data Breach Coverage/Cyber Liability: Protects in the event of data loss of sensitive or non-public information and all the compliance requirements and legal action necessary following a breach. Given all of the spam and phishing schemes prevalent today, this coverage protects you and your customers.
A less-costly insurance option when you are starting out may be a business owner’s policy (BOP). Often, BOPs will include business interruption insurance, property insurance, vehicle coverage, liability insurance and crime insurance — and you can tailor it to your specific needs.
Be aware that coverage for your business will not protect your personal use, and your personal policies will not protect business use. Consult your agent to ensure you are properly protected.