If you own a business, hopefully, you’re already familiar with how important business insurance is. If you’re not entirely up-to-date on this topic, rest assured, without adequate insurance coverage, all you have worked for could vanish as a result of a frivolous lawsuit, a natural disaster, and more – and it can happen in a heartbeat. Having business insurance is one of the most important aspects of owning a business.
That said, you do need different policies to be fully covered by business insurance. All business risks are not covered by one single business insurance policy. To protect yourself against threats like cyber-attacks, property damage, customer injuries, etc., more than one policy will need to be in place.
Don’t think of this as a downfall – picture it as added protection to keep you and your business going in hard times.
Risks associated with the following be covered through business insurance in general:
- Motor vehicles
- Customers and clients
To provide coverage, each category has several policies or a single policy that applies. Let’s look at each of the just-listed policy types.
You likely insure your private vehicle. It’s no different for your business vehicle(s) and the people who drive them. Even if your own vehicle is used – or the private vehicle of your employees – you still need special, additional coverage to take care of issues that arise while the vehicle is being used for business. Don’t count on the private insurance you or your employees already have on their personal vehicles. You could be in for a rude awakening when it comes time to use that insurance policy.
Commercial property insurance can help your business stay afloat if a fire occurs. Additionally, it can protect your business against certain weather events and will also protect it against theft and burglary damages/losses. To bundle general liability and property insurance, talk to your insurance agent about a BOP (business owners policy). Rather than buying separate policies, it can be less expensive.
If you violate the rights of your employees or they are injured in the workplace, you can be held liable. The right insurance can help with the following:
- On behalf of the organization, the board makes decisions. To address disputes with those decisions, D&O insurance (directors and officers insurance) will help.
- When the employer/employee relationship goes badly, disputes/lawsuits can be covered by employment practices liability insurance.
- When, on the job, an employee is hurt or experiences a job related illness, employees’ occupational injury expenses and more are covered through workers’ compensation insurance. It is required, in fact, in most states.
Customers and Clients
Without clients and customers, where would your business be? Of course, the risk of lawsuits is greater when you interact with clients. To manage risks posed by members of the public and clients, there are several business insurance policies in place.
- Liquor liability insurance can help manage risks posed by someone at your facility being hurt by someone else who may have indulged in too much liquor.
- When sensitive digital information is jeopardized, to cover the cost of credit monitoring, notification, and other expenses, cyber liability insurance should be in place.
- E&O (errors and omissions insurance) – also referred to as professional liability insurance – can cover defense costs if a client says that your mistakes caused them property damages or financial loss.
- General liability insurance can help cover lawsuits and medical expenses if, on your property, a customer falls and/or slips. For independent contractors, this policy is also very valuable.
Are You Filing a Business Insurance Claim? Don’t Do So Until You Talk to Stone Claims Group!
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