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Business Insurance

What types of Insurance do business owners need?

Worker’s Compensation. Required by State laws if you have W2 employees, Worker’s Compensation provides wage replacement and medical benefits to employees who are injured on the job. Penalties for non-compliance can be very high. In exchange for these benefits, the employee gives up the right to sue his employer for anything relating to the incident. Workers compensation protects the owner and the company from legal complications.

Property Insurance. Property Insurance protects your building(s) and personal property (office furniture, computers, tools, equipment, etc.) in case of fire, theft, vandalism, etc. This type of insurance may also cover business interruption/loss of earnings in case your business cannot operate as a result of the fire, theft, or vandalism, etc.

Commercial Auto Insurance. Commercial Auto Insurance protects company vehicles in case of damage or accidents. It also can cover cars owned by employees who drive their cars on company business. You also need to have liability insurance to cover the non-owned cars in order to protect your company if the employee does not have insurance or has inadequate coverage.

General Liability Insurance. General Liability Insurance provides for defense and damages if you, your business, your employees, your products, or your services are alleged to have caused bodily injury or property damage to any third party.

Professional Liability Insurance. Professional Liability Insurance provides defense and damages if you and your company are accused of not having rendered or of having improperly rendered professional services. General Liability Insurance does not provide this type of protection which generally applies to any professional firm including law firms, accountants, real estate agents, insurance agents, beauty parlors, etc.

Directors and Officers Insurance. Directors and Officers Insurance protects the directors and officers of your company from any losses or damages resulting from lawsuits claiming the directors and officers actions on the job hurt the company or persons inside or outside the company.

Data Breach Insurance. Data Breach Insurance provides protection against loss for companies that store sensitive or non-public information about employees or clients on their computers, servers or in paper files. The business is responsible for protecting that information, and if a breach occurs either electronically or from a paper file, this type of insurance will cover the loss.

Business Owner Policy (BOP). A Business Owner Policy (BOP) may be tailored to cover all the types of insurance listed above. You can adjust the emphasis and types of coverage according to your needs. The advantage of this type of policy comes from the financial savings you receive when all the needs are bundled together in one policy.

The types of coverage included in a business owner’s insurance policy will also depend on the insurance company and local governmental rules and limitations. Be sure to read fine print.

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