Veterans entering the business world have access to a number of resources. These include the Small Business Administration, the Veterans Affairs Office of Small and Disadvantaged Business Utilization (OSDBU), the SCORE Veteran Fast Launch Initiative and the American Corporate Partners (ACP).
An important aspect of running a business is to have adequate insurance coverage to protect your interests. The type of business insurance you need to protect your veteran business depends in part on the type of business you run.
Protection for Veteran Business
The type of protection your business needs depends on your business and the risks you face. A veteran-owned company may need coverage for:
This may include buildings, equipment, fixtures and fittings. Commercial property insurance can help protect your business assets from damage from fire, theft, vandalism and other covered hazards.
Accidents can occur in a growing business, on site or outside the facility. If a customer or other third party is harmed, your company may be liable. General liability insurance can help cover medical bills and other damages, as well as your legal costs if a lawsuit is filed against your company.
Errors and omissions
You may need protection if you or any of your employees make a mistake in to provide professional services that cause a client to lose money, or if you are sued for negligence. Professional liability insurance, also known as error and omission (E&O) insurance, can help protect your business in such a situation.
Vehicles used in business
Whether you use your own car for business, have employees who use their own vehicles to perform tasks or have a fleet of company-owned vehicles, you need protection for commercial car insurance. This coverage can provide protection against damage to vehicles belonging to the company and from liability for vehicle accident-related bodily or property damage caused to others.
Employee injuries and illnesses at work
If your company employs workers, you probably need an occupational injury insurance if an employee is injured at work or develops a work-related illness. This coverage is statutory in most cases. It pays for employees' medical expenses and partial compensation for lost wages. Employees' insurance also protects employers from being sued by their employees for injury or illness in connection with their employment.
Most companies today use technology to store personal information for customers or customers and employees. Cybercrime is on the rise and attacks on small and medium-sized enterprises are on the rise. A data breach can be extremely costly in terms of liability and lost business. Data intrusion insurance can help cover the costs of notifying customers and employees, providing credit monitoring services to victims and hiring a PR company to repair your company's image.
Packing Your Veteran Business Insurance
You can save money by buying different types of business insurance in a packaged insurance policy. A packaged business owner's policy (BOP) can give you a good start towards protecting your veteran-owned business. Our knowledgeable agent can help you tailor a BOP to suit your unique needs.