Starting a business isn’t easy. Running one isn’t a walk in the park either. If you’ve done or are doing either, chances are you’ve had to think about insurance at some point. Your business insurance policies aren’t just there to protect your business entity – though they certainly do that. They also are there to protect your employees and property as well as keep you safe personally. If any of the following ring true, chances are you need an insurance policy in place to make sure you’re protected.
You sell a product or service or have a physical business
Yes, we realize that covers just about every business owner out there. Guess what? Just about every business owner out there really needs general liability insurance. This insurance coverage helps protect your company in the event that someone is injured at your business, or as a result of your products or services. While you may be positive this will never happen, you should know that it does happen. General liability insurance will help protect your business from any situations in which it could be found negligent. Usually, general liability policies cover medical costs, legal defense, and even settlement awards if applicable.
You’re a professional
Sure, you know what you’re doing. But you’re also human, and humans make mistakes. Professional liability insurance, also called errors and omissions insurance, protects your business if it is sued by a third party for negligence or malpractice. Depending on your business and your state, you could be required to carry this type of insurance, so be sure you know the regulations (we can help with that).
You own property
It takes a lot to get a business started – and not just a lot of hard work and optimism. It also takes supplies, inventory, and equipment that is likely a significant expense. You want to ensure that that property is protected if it is damaged or destroyed due to vandalism, weather or natural disasters. Business property insurance will help you do just that. Make sure you know which perils are covered under your policy.
You have company vehicles
You wouldn’t drive your own car knowing you – and it – isn’t insured, so the same rule applies if you have a business vehicle or a whole fleet. Not only are you protecting the vehicles themselves – against damage caused by accidents, vandalism, weather, etc. – you’re also protecting your business and the employees who are driving your vehicles. Business vehicle insurance provides coverage against loss and damages to owned or leased vehicles, along with bodily injury to drivers and third parties involved in collisions.
You can’t afford for your business to stop
Are you closing up shop for a month to head on vacation to the Bahamas? Chances are, you can’t afford to interrupt your business for a day – let alone a month or more. Unfortunately, sometimes business owners are forced to interrupt their daily operations due to issues over which they have no control – like natural disasters or other unexpected events. Depending on the length of interruption, this could be a blow from which your business couldn’t recover. With business interruption insurance, you can maintain cash flow while getting your business back on its feet. Most policies provide coverage for up to a year of lost revenue.
You don’t want anything to fall through the cracks
All these insurance policies are there to protect your name and your business. But are you covered completely? Maybe – to certain coverage limits. If you want to ensure you have the best protection available, you’ll want an umbrella liability policy, which basically fills the “gaps” left behind by your other policies. Umbrella policies often provide protection for situations excluded from other policies and cover losses beyond the limit of your general liability policy.
Any of the above ring true? If so, it’s time to give us a call. We can help keep you and your business protected.