Business (or commercial) insurance helps protect the company you have worked hard to build. Unfortunate events such as a fire, storm, burglary or personal injury can happen at any moment and wreak havoc on your business’ bottom line. Of all businesses that experience a disaster, 40% do not reopen1. With this in mind, it is imperative to activate a business insurance plan and be safe rather than sorry.

Investing in business insurance can provide peace of mind that costs will be covered in an event or lawsuit. Review the various coverages available for business insurance plans to prevent an unfortunate event from costing you your livelihood.

  • General Liability: Protects all types of businesses against losses from property damage, libel, slander, lawsuits, injury, medical expenses and judgments.
  • Product Liability: Covers financial loss for businesses that manufacture, distribute and retail products if their item causes bodily harm or injury.
  • Professional Liability: Also known as errors and omissions (E&O) insurance, professional liability helps those in the service industry defend against financial loss as a result of an error, malpractice or negligence.
  • Property Insurance: Protects businesses that rent or own a physical asset or significant property from financial and property damage due to vandalism, fire, storm and more. This includes coverage of equipment, inventory and furniture. However, events such as floods and earthquakes are generally not included in a standard plan. If your area is prone to these catastrophes, consider opting for a separate policy.
  • Home-Based Business Insurance: For those small businesses that are working out of an owner’s house, this type of coverage is added to homeowner’s insurance and protects against financial loss due to third-party injury.
  • Business Owner’s Policy: This acts as a bundle for small business owners. A business owner’s policy combines common types of insurance coverage for small businesses into a single package. This not only simplifies the insurance process but can also save you more than opting for each standalone plan.
  • Worker’s Compensation: Upon hiring your first employee, consider adding worker’s compensation to your business insurance policy. If an employee is injured or dies on the job, worker’s compensation covers medical expenses, treatment, disability and death benefits. Even if the tasks your employees are performing are low-risk, you can never be too careful.
  • Cyber Insurance: For businesses that have a large virtual presence, cyber insurance protects your website and other online platforms from cyber attacks, malware and data loss. Employee and customer personal and financial data is to be protected with high security, and some companies may face legal repercussions for not implementing cyber coverage.
  • Unemployment Insurance: While this is not required, unemployment insurance is attractive to prospective employees when evaluating your company. Having it shows you care about your team’s wellbeing, even after parting ways. In today’s competitive market, offering supplemental insurance is an incentive to stay ahead of the competition.
  • Business Interruption: When disaster strikes, operations are often suspended. This can cause your income, productivity and profits to come to a screeching halt, especially if your business relies on a physical location such as an office or retail store. Business interruption insurance compensates businesses for the funds they lost while their operations were down.
  • Vehicle Insurance: This type of insurance applies to those who utilize company vehicles. All vehicles should be completely insured to protect against liability claims in the event of an accident and third-party injury. Personal vehicle insurance will cover those employees using their personal vehicles for company purposes, except for those delivering goods or services.

Visit our website or call 410-272-4000 to learn how we can help your business remain safe, protected and profitable.