As a busy owner (or manager) of a small business, the bulk of your energy is invested in ensuring your company’s success. Insurance often becomes an afterthought… something that’s at best boring and at worst confusing. Yet having the right business insurance can, in many cases, be the difference between survival and going out of business. So as we move to the end of 2018 and into the New Year, this is a good time to invest a minute on reviewing your risk profile and basic business insurance requirements.
Basics of Business Insurance
Small companies are all quite different as they reflect the unique characteristics of their owners/managers. And they each grow and contract to varying degrees based on a plethora of circumstances. The reality is that there is no such thing as a “one size fits all” insurance plan. And given the nature of change, an insurance strategy for one year may require substantial changes for the next. So the perfect insurance policy is one that’s created to fit your requirements as you see them for the next year. Some insurance such as worker’s comp may be required. Others my be voluntary. Talking with an independent business insurance specialist is the best course of action to help you understand what kind of insurance options are available an which would be best for you.
Here are some presently popular forms of insurance you should consider…
- Business Interruption Insurance.*
This insurance makes sure companies can continue to earn income following a major external disturbance. Natural catastrophes, mishaps, deliberate actions and more threaten to interrupt revenue. Keeping up with staff wages, loan payments, and more can end up being daunting without the income to pay them. With business interruption insurance, the insurance provider will compensate for lost profits while a business returns to its normalized cash flow.
- Errors and Omissions Insurance.*
If your business is one that relies on getting the details right, this should be considered as mandatory insurance. This helps to protect business owners of unintentional mistakes or omissions that eventually lead to damages. Such damages can be devastating if they have to be paid out of pocket. This insurance protects cash flow.
- Liability Insurance.*
Business owners take on a huge amount of liability,. Whether you run a shop or work in people’s homes, liability insurance can protect you from claims resulting in individuals being injured at your facilities or job sites.
Companies that leverage vehicles as a part of their operations need commercial car insurance coverage as well. Even if employees are driving their own vehicles, commercial auto insurance is required if the vehicle is being driven for a business-related purpose.
- Cyber Insurance.*
Cyber insurance is a more recent development in commercial insurance. It is designed to protect you from liability that result from a harmful cyber attack. This could include the theft of client data, disruption to your operations, etc. In a digital world where we’re all connected, protecting from this sort of event is more important than ever.
Our commercial insurance specialists can help you find the right protection to keep your business running smoothly in case challenges arise. Reach out today for a complete business insurance review…