Whether you are starting a new business, or your company is well-established, protecting that business should be one of your main concerns. Locked doors, security personnel and a well-padded bank account are all nice things to have, but they can only do so much.
Business insurance can be a hassle, but at Hayes Brokers we like to do our best to take the sting out of it. Here are the insurance basics for businesses, whether new or old.
1. General Liability
A general liability policy should be at the top of the insurance list for any business owner. This policy can cover the business premises, the business operations off premises, and a host of other issues that may crop up related to advertising injury, products and completed operations and more.
General liability insurance can cover both personal injury to customers and property damage to their property. Some might even call this policy “prepaid legal” since it will provide legal representation in the event of a claim or lawsuit related to the business operations.
2. Property Insurance
Whether you own a building or just the contents, property insurance is a must. Property insurance is versatile enough to cover not only your structure and your company contents, but also business income or business interruption coverage in the event of a loss that leaves your business unable to operate for a period of time.
There are many options available with property policies, such as equipment breakdown (boiler & machinery) coverage, ordinance or law, sinkhole collapse and more. Talk to your broker to find out which options are right for your business.
3. Workers Compensation
Your state laws will determine when Workers Compensation may be required for your business, but any business with employees should have this valuable coverage. If employees are injured or contract an illness while on the job, this coverage pays their medical expenses and lost wages.
4. Auto Insurance
Autos are a significant investment for businesses. Insuring them doesn’t have to be difficult. Full coverage auto insurance will cover for liability and property damage for company owned vehicles. You may also wish to include towing & labor coverage, rental reimbursement and special equipment coverage for those vehicles that you have customized for your business.
Even if your company doesn’t own vehicles (and especially if you don’t) hired and non-owned auto coverage should be purchased to handle those situations where vehicles are hired or rented to perform business functions. If your employees use their own vehicles for work purposes, this covers them as well.
5. Professional Liability
This coverage may also be known as Errors & Omissions covergae. Not every business needs professional liability insurance, but almost all of them can benefit from it.
Professional liability protects your company from claims if your client holds you responsible for errors or the failure of your work to perform as promised in a contract. The coverage includes coverage for legal expenses up to your policy limit, which is usually the most costly part of a professional liability claim.
Other Coverage To Consider
The above is a short list of the most important coverage for your business, but this is not an exhaustive list. Depending on vendor and client contracts, you may need umbrella liability insurance, crime coverage, pollution liability, technology errors & omissions, flood coverage or others.
To help you determine what coverage is best for your business, Hayes Brokers can perform a free, no-obligation risk management analysis. Call today to schedule an appointment.