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What You Need To Know About Business Insurance

Driving without car insurance is dangerous but so is running a business without business insurance. Insurance helps entrepreneurs when they lose business income or when (God forbid) they’re hit with a lawsuit. Business insurance steps in if your property is damaged or when various other losses are incurred. A general liability policy might be sufficient or you may need to combine several coverages into one policy to fully cover your risks. There isn’t one answer for all businesses but the need for business insurance is never in question.

The Basics

A Business Owner’s Policy (BOP) is one of the most popular business insurance policies. A BOP usually bundles business property, general liability and business income coverages into one convenient policy. The advantage in combining these coverages is that you’ll generally save money and it simplifies your coverages into a single policy. 

If your business has property damage or bodily injury claims against it, insurance helps protect you from those costs. If a customer takes a nasty fall in your store, for example, General Liability coverage will protect you from the costs of the claim and potential legal fees. If you make an error in your advertising, General Liability also protects you in that case. 

Business personal property insurance helps protect your business’s buildings and personal property. This might include inventory, furniture, equipment and tools.

Professional Liability insurance helps cover costs for errors your business makes while providing services. If you inadvertently make an error that costs your client money, Professional Liability insurance can help cover the costs if the client makes a claim. Please note that your business doesn’t have to make an actual error to be sued. That’s why having insurance is so important, just in case someone comes after your business. 

A Commercial Auto policy is crucial if your business requires you to be on the road at all. If there is a work-related car accident, this coverage helps protect you. If you or an employee is in an accident while driving for business reasons, commercial auto can help cover costs that stem from the accident.

Home Based Business insurance has become more popular in recent years and certainly since the pandemic. It helps cover the costs of property and liability risks to businesses that operate out of the entrepreneur’s home. If you keep any supplies or other business property at your home, or have customers stopping by, this is a good coverage to have. 

Commercial Umbrella insurance essentially provides a broad safety net for when other liability policies reach their limits. For example, if your general liability policy has a limit of $200,000 but a customer makes a claim against your business for $275,000, commercial umbrella insurance would help cover the remaining amount. In today’s world, a single lawsuit could ruin your chances for success and that’s why Commercial Umbrella insurance is so critical. 

Data Breach or Cyber Liability insurance is more important than ever. Increasingly, there’s no way to do business if you’re not online but that also carries risks. What if your business is the victim of a cyberattack? Cyber Liability insurance helps protect your business from the costs of cyber threats or attacks. Those costs can include tracking down your vulnerabilities, making customers whole or litigation that may follow. If you do business online you simply can’t afford to not be covered

Business Income insurance helps replace lost income if your business is forced to close temporarily due to certain events like theft or property damage from a fire. This coverage can also help you continue to pay expenses while your property is replaced or repaired.

Workers’ Compensation insurance helps cover costs to employees during periods when they’re unable to work after a work-related injury or illness. In addition, if a worker’s family decides to sue your company, Workers’ Comp can also help cover your legal fees.

Commercial Flood insurance helps protect your business from the costs of flood damage. This includes damage to the physical location of your business as well as any of its assets. Perhaps a creek overflows and damages your floor or tools. Or maybe a big snow storm happens and when the snow finally melts, it floods some portion of your building. In such events, Commercial Flood insurance can help cover repair costs. 

Employment practices liability (EPL) helps protect your business if an employee sues you. Employees may make a claim against your business for any number of reasons and defending a lawsuit can be very costly. Discrimination, wrongful termination, you never know what type of claim will arise so it’s best to be covered. 

Find The Right Options For Your Business

BLK Insurance features premier agencies across the country that specialize in business insurances. One size does not fit all in insurance, your business has specific needs. You need an independent agency that looks out for your businesses’ bottom line so click here to find an agency to service your needs.

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