You know how important insurance can be to protect your business. You know that general liability coverage is essential. But relying on a single policy to protect your small business against all potential risks can leave you exposed. And that oversight could be costly.
What other policies could be working hard to protect your business?
6 small business insurance policies that you want to be sure not to overlook are:
- Business Owners Policy
- Workers’ Compensation Coverage
- Commercial Auto Insurance
- Cyber Liability Insurance
- Earthquake Coverage
- Flood Insurance
Learn more about these policies to help you determine which ones are right for your small business.
Business Owners Policy
Packaging together commercial property, liability, and business interruption coverage, a business owners policy (BOP) protects your small business from the most common risks it faces.
Protecting small businesses with coverage for property damage and loss of income due to business interruption – as well as third-party bodily injury, medical bills, and property damage – BOP policies allow you to pick coverage that matches your business size, making them perfect for small businesses.
Workers’ Compensation Coverage
If one of your employees is injured or becomes sick on the job, workers’ comp will help cover medical bills, rehabilitation and ongoing care, wages missed during recovery, employee lawsuits, and funeral expenses/ death benefits
Commercial Auto Insurance
Covering you in the event that you – or one of your employees – has an accident in a vehicle used for work, a commercial auto policy protects your vehicles and business assets, also covering the people inside the vehicles you don’t get stuck footing the bill.
Cyber Liability Insurance
Helping to cover costs following a data breach, cyber liability insurance helps with data recovery and computer restoration, as well as expenses for third-party notification, credit monitoring, lawsuits, and reputation recovery.
If your business is located in an area that is prone to seismic events, protect it with earthquake coverage that will help pay for cleanup, repairs, and replacement for damages that take place during an earthquake.
Covering losses to your business property and assets that are caused specifically by flooding, flood insurance helps cover the high cost for cleanup, repairs, and replacement if your business should suffer water damage from flooding.
You don’t want to learn about gaps in your coverage when it’s too late and you’re stuck footing the bill for an accident or disaster. Not all small businesses need the above policies, but you want to make sure that – if your’s does – you’re carrying the proper coverages.