1. Business Owner’s Policy
The typical BOP includes both commercial property insurance and general liability. Property insurance covers most damage done to your building and its contents. Liability covers most legal expenses.
2. Commercial Auto Coverage
If you use any vehicle for your business, whether you are transporting people or cargo, you need auto insurance. It can pay for repairs, including any damage caused to other vehicles when your drivers are at fault.
3. Professional Liability
If you are in the business of giving advice or providing services, you probably need professional liability coverage. Professional liability, which can include Errors & Omissions insurance, can pay for your legal fees if you are sued for malpractice or negligence. It also covers damages the other party is awarded if the court decides you are responsible for them. If, for example, an employee gives a client bad advice that ends up costing the client money, E&O coverage would help ensure that this costly mistake doesn’t have to be funded out of pocket.
4. Workers’ Compensation
When employees are hurt on the job, workers’ comp can help ease financial difficulties. It can cover lost wages, medical bills, and rehabilitation that may be needed. A solid workers’ compensation policy protects the people who make your business successful.
As a business owner, you want to keep your insurance coverage up to date. Each business is different, so it’s important to talk to your agent about the policies that would be best for your particular company. Having the right coverage can save you a lot of money down the road.