The Insurances You Need As A Business Owner
As a business owner, there are a few things that you need to protect, and to do that, you need to make sure you have the right insurance in place. Insurance is for the what ifs – and most of the time, the insurance reasons will never happen. But, in the case of a fire, accident, emergency, and other things, insurance is the best thing you can have for your business.
Small businesses have so many choices regarding their insurance, and it can be tricky to pin down what you need. Of course, it is always best to speak to an insurance company so they can tell you the best types of insurance and why they will make a difference to you.
So here are a couple that you should consider:
Business Owner’s Policy
If you have been amid a start-up, you have probably come across BOP. It is one of the most popular types of insurance for business owners as it combines business income insurance, property insurance, and commercial property insurance.
It’s a great starting point and a bit of a coverall – but you’ll find that you still need a couple of extra insurances.
Data Breach Insurance
Suppose your business is like many other businesses and you store personal or financial information. In that case, data breach insurance is going to help you cover the costs if that information is stolen or lost.
It is wise to ensure that you have plenty of protective systems and solutions to prevent a data breach. Data Breach Insurance will cover the costs of the impact of a data breach, things like:
- Credit monitoring services
- PR campaign to prevent mass bad publicity
- Time and care to notify clients and customers
You might find Data Breach Insurance called cyber liability insurance.
Commercial Property Insurance
Commercial Property Insurance is essential for businesses that move from working out of their home into commercial business premises. It covers the equipment used to operate parts of the company and owned or rented properties.
Your Commercial Property Insurance will cover things like break-ins and thefts.
General Liability
Part of your role as a business owner is to protect and take care of those who visit your store or warehouse and your staff too. If someone were to take a slip or fall on your premises, you would be liable for their medical costs – which can quickly see hundreds of thousands.
It’s not just your business property that can damage someone; even thoroughly tested products can cause injury – even when used in an intended way.
General Liability Insurance and Product Liability Insurance protect your company from claims of injury.
Business Income Coverage
Assume that, for some reason, you cannot manage your business affairs as usual. This might be due to a thrift, injury, storm, or fire. In most circumstances where a catastrophe prevents your business from running, you will lose money.
Business Income Coverage is also referred to as Business Interruption Insurance, which replaces any lost income when you can’t operate your business to property damage.
Worker’s Compensation Insurance
As stated previously, one of the most important things to protect in your business is your workers. While it is their right to seek out a workers’ compensation lawyer (and you should encourage them to take action), workers’ compensation insurance will benefit any of your employees who get a work-related illness or injury.
Almost all states will require that you have this insurance no matter what type of business it is. Companies that have workers that repeat the same motion often can get carpal tunnel syndrome and need serious treatment, just as much as those who do the heavy lifting can have back injuries.
Commercial Auto Insurance
Companies with many employees driving company vehicles will need to be covered by Commercial Auto insurance. It ensures that any employees that have an accident and damage their or your cars, other people’s property, and/or themselves are covered.
This insurance will help to pay for the damages and medical bills.
Employment Practices Liability Insurance
Although you should have and enforce diversity and inclusion, as well as policies regarding conduct for your employees when it comes to people within the office, there are occasions when some employees flout the rules and act inappropriately.
Employment Practices Liability Insurance will help to protect your business from claims of sexual harassment, discrimination, and Wrongful Termination.
As a business owner, you should be prepared for all of these and more; insurances are one place where proactive action can protect you, your business, and your employees long-term. Insurance will be part of how you grow forward as a business, alongside these: What Does a Growth Strategy for Your Business Involve? – Spectacular Magazine.