In order for your business to run smoothly, you will need to have several different policies in place to protect you from all the different types of risks you will be exposed to. Different types of businesses will deal with different types of risks. It will all depend on what types of products and services you offer to your clients.
General Liability Insurance
General liability insurance is a must in case someone gets injured while on your property or because of something that you may have done unintentionally. This type of insurance will pay their medical expenses and if they have to lose any time off of work.
If you own the office building or have personal property related to your business, including office equipment, inventory, computers, etc., purchasing property insurance will protect you financially in case of incidents like fire, vandalism, theft, smoke damage, etc. You can also purchase a business interruption/loss of earning insurance coverage to protect your earnings if your business cannot operate for some reason.
Business Owner’s Policy
A business owner’s policy will cover a variety of events, such as the interruption of your business due to an unforeseen event. This can be the result of a fire, storm damage, or any other type of event that halts the forward progress of your business. It can also include property insurance, vehicle coverage, liability insurance, etc. It can be customized as per your need, and it is cheaper than purchasing each policy separately.
Commercial Auto Insurance
Commercial auto insurance is sometimes referred to as fleet insurance. It is used to cover a company’s vehicles used in the business’s day-to-day operations from damage and collisions.
Workers’ compensation insurance will pay the medical expenses and lost wages of the employees who get injured while performing their duties. This type of policy is normally mandated by the state, meaning that an employer must carry sufficient coverage on each employee. If not, stiff penalties may be incurred by the business.
Professional Liability Insurance
Professional liability insurance, also referred to as errors and omissions insurance, is another type of policy that protects businesses in a unique way. The policy protects your business from financial damage in case you fail to or improperly provide professional services. Slander and libel are two types of claims that are covered by professional liability insurance. This type of policy covers you if you make an unexpected or inadvertent mistake.
Directors and Officers Insurance
Directors’ and officers’ insurance covers the primary people who are in charge of running the day-to-day operations of the business. These upper management positions can make mistakes just like any other person on the payroll. With this type of insurance, the executive decisions they make are protected by a policy that will cover any type of legal damage that may result from misinformation or oversight.
If you own a business and want to make sure you are properly covered, call the insurance professionals at the Advanced Insurance Group. Our team can expertly answer all your business insurance queries and offer the policies you are looking for that will allow you to fully protect your business on every level. To get your personalized business insurance coverage, schedule an appointment with one of our insurance experts today!