Business insurance: One size does not fit all
If you are a business owner, you need insurance. But how much and what type can vary greatly depending on the type of business, resources, assets and specific needs. So what do you think before buying a business policy? Here are some risks and protection areas you want to consider when working with Keller-Brown Insurance Services to find the right plan for you.
- Data and Cyber Security Risks: If your business is dealing with sensitive client data, you must be protected in case of serious infringement. Likewise, if your business is heavily dependent on technology, you can consider broader internet insurance if a virus or other technical problem causes a significant disruption to your business.
- Risk of Business Interruption: If your production or services have to be canceled due to extreme weather, property damage, theft or a natural disaster, would your company survive the loss of revenue and the cost of repairing any damage? A comprehensive business policy will help your business survive everything that comes your way.
- Employee-related risks: Most companies are required by federal law to have work compensation, disability and unemployment insurance to protect their employees. Make sure you understand the specific requirements of your type of business in your country.
- Property risks: The property may contain space and building you carry out, as well as equipment and product. Different types of coverage will cover damages or losses for your property for various reasons.
- Liability risks: Even if you only run a small business from your own home, it is important that you have some type of liability insurance. If you, your products or services cause damage or if a client is easily injured on your property, liability insurance will help pay the costs associated with that damage. For small businesses, there are other specific types of liability insurance (professional liability and product liability, for example) that can be meaningful.
- Driving and traveling: Whether you use the company's vehicles or simply ask your employees to run businesses that use their own, it is important that you have coverage ̵
Purchase a business owner policy
Many of these covers can be combined in a good business owner's policy. Whether you need a strong basic policy or specialized coverage, your insurance agent can help you find the top cover that suits you. Whatever you do, make sure your business is fully covered before it's too late.
For more information on business insurance, call or contact Keller-Brown Insurance Services today.