Key Elements to Business Insurance
Key Elements to Business Insurance
Rather than a single policy, business insurance is more of a collection of coverages designed to protect a specific business. Put together, the business insurance plan should address the particular needs and risks of a business, whether it is online, brick and mortar, or a service industry. Business insurance can also help professionals like doctors, lawyers, and financial advisors protect their businesses. Here is a closer look at some of the elements of a business insurance plan.
General Liability
This critical part of a business insurance program covers you from liability claims from those who may feel they have been harmed by your business or its employees. This can include slip and fall, and employee-responsible damage. It can cover legal costs of representation as well as settlement or judgement expenses.
Commercial Property
Generally, commercial property insurance protects against losses of physical items like property, inventory, equipment, and more.
Business Income
If your business experiences a loss of income due to a covered calamity, business income insurance can help you keep your business operating while you recover.
Professional Liability
This is sometimes referred to as errors and omissions insurance or malpractice insurance. It is generally most valuable for professionals, like medical professionals, lawyers, and those who offer financial advice.
Workers Compensation
Workers’ compensation protects both workers and employers by assuring employees will be compensated should they be injured on the job. This also protects companies from being sued out of business by an injured employee.
Commercial Auto Insurance
Many businesses are at risk by not providing business or commercial auto insurance. There are plenty of risky situations that can be avoided through a business commercial auto insurance policy.
Data Breach Insurance
As a business owner, you are responsible for the information your clients provide to you. Data breach insurance can help ensure claims from a digital attack.
Umbrella Insurance
Umbrella insurance is beneficial coverage that can help provide protection above and beyond what you may have for individual areas. It is an added layer of protection.
If you would like to discuss your business and your business insurance situation, please contact us. We can discuss your business and your specific risks. Contact us today.
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