Do you have your own business? Are you aware of how crucial business insurance is? You’re about to find out!
Where business owners are concerned, there are numerous insurance options and types. During normal operations, numerous risks can come up and your company will be better protected if you have insurance in place. Of course, with all the types of business insurance available, it can seem overwhelming when trying to choose the most beneficial for your cause. The following information should prove useful.
Business Size Versus Insurance
For small business insurance needs, as an example, a BOP (Business Owners Policy) is where many business owners begin. Three essential coverages are combined in a policy such as this. They are as follows:
- Business income insurance
- Commercial property insurance
- General liability insurance
Check with your insurance agent because, to get more protection, other business insurance coverages may be added to a customizable BOP. As an add-on, you might consider professional liability insurance if professional customer service is provided by your business. If, during the professional services being rendered, a mistake is made, your business would be better protected against claims.
Let’s look at some other types of business insurance options.
Commercial Auto Insurance
If for your business, you own one or more company vehicles, while an employed driver is on the road, operating the vehicle, commercial auto insurance is used for protection. If your business/driver caused an accident, it can help cover bodily injury claims and property damage.
Commercial Umbrella Insurance
For some of your liability policies, coverage limits may be extended through commercial umbrella insurance.
Data Breach Insurance
These days, identifiable information gets stolen and/or lost at an astonishing rate! To help your business respond to such a data breach, this type of insurance is invaluable. “Cyber Insurance” is another way of referring to this kind of insurance.
Workers’ Compensation Insurance
Check the regulations in your state where workers’ compensation insurance is concerned. It’s not the same throughout all 50 states. If, however, in relation to their job, one of your employees gets sick or hurt, the benefits of workers’ comp can include the following:
- Ongoing physical therapy and other care
- If, because of a work-related illness or injury, they lose their life, funeral costs are covered
- If to recover, they have to miss work, lost wage replacement
- Medical bill payment
Professional Liability Insurance
If in the services you provided, someone claims you made a mistake, this will help cover a lawsuit. E&O insurance (errors and omissions) is another way of referring to professional liability insurance.
Business Income Insurance
To replace your lost income, business interruption insurance or business income insurance will help you recover from covered property damage when you can’t run your business. This kind of insurance can be used to help pay for payroll, utility bills, rent, and other ongoing expenses.
Commercial Property Insurance
Equipment or a rented/owned building from which you run your business is better protected with commercial property insurance. Floods and earthquakes may not be protected against. For this you’ll need a separate policy.
GLI or General Liability Insurance
If the following were caused by your business, you would be better protected with general liability insurance:
- Personal injury (slander, libel, etc.)
- To another person’s belongings, some kind of property damage
- To someone other than yourself, some type of bodily injury
Need to Make an Insurance Claim? Count On Stone Claims Group
You’re getting a team of dedicated professionals when you hire Stone Claims Group. Our areas of expertise extend to public adjusting, preliminary inspections, umpire services (to help settle claim disputes), appraisal services, and more. To push your claim forward, with our combined talents, we offer attention to detail, multiple perspectives and strategies, and provide continuous communication.
Feel free to check out our FAQ page for answers to some of the most common questions.