Business Insurance 101: Essential Coverage Every Business Needs

Running a business involves risks, and the right insurance coverage is crucial to protect your assets, employees, and operations. Here are key types of business insurance every company should consider: 

1. General Liability Insurance

 Protects against claims of bodily injury, property damage, and advertising injury. This coverage is essential for covering legal fees, medical expenses, and damages if your business is held liable. 

2. Commercial Property Insurance

Covers your building, equipment, and inventory against risks such as fire, theft, and vandalism. Coverage on all your property is critical for minimizing financial loss and reducing downtime after a loss.  

3. Business Interruption Insurance

Provides compensation for lost income and operating expenses if operations are temporarily halted due to a covered loss. The coverage is a business lifeline to cover ongoing bills and payroll costs when no revenue is being generated.

4. Workers’ Compensation Insurance

Covers medical expenses, lost wages, and disability benefits for employees injured at work. Workers compensation is required in most states; it is vital for protecting employees and employers.

5. Professional Liability Insurance

This coverage is necessary for businesses that provide professional advice and counsel, like attorneys,media companies, medical providers, and insurance agents. The coverage may be called lawyers professional, advertising professional, or errors & omissions insurance.  All forms of professional liability protects against claims of errors or negligence in professional services.

6. Commercial Auto Insurance

Covers vehicles used for business, providing liability, uninsured motorists, medical payments, comprehensive and collision coverage, as requested.

7. Cyber Liability Insurance

Protects against the costs resulting from data breaches and cyberattacks, including legal fees and customer notifications. Policy coverages vary widely by carrier, so be sure to review a summary of the coverages offered.

8. Business Owners Policy (BOP)

 Combines general liability, property, and business interruption coverage in one customizable, cost-effective package.

Your business is unique and so should your insurance. You need a policy that is customized to your business to be sure you have  adequate protection.  Talk to an agent who will assess your exposures and provide a proposal of coverage that meets your needs.

PROTECT YOUR BUSINESS