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New Businesses Need a Variety of Insurance Protections
thinksem-dev • January 3, 2014
If you are starting a new business, you will face a variety of potential risks. Businesses of all sizes need comprehensive insurance coverage to protect their assets. Even small start-ups need to assess the risks they face and find appropriate insurance coverage to protect themselves and their customers.
Some small businesses might need a more extensive portfolio of business insurance policies that cover a wide range of property and liability exposures. Others might only need a business owners policy (BOP), which is a single policy that bundles property and liability insurance. Which policies do you need for your new business? Is one kind more appropriate than another? You will need to assess how you will protect your business property and all of your business assets from theft, fire or other disasters, and the dreaded lawsuit. Will you need one policy that covers a multitude of risks, or several policies to make sure you have no coverage gaps?
Regardless of the type of business you are starting, you should consider your need for the following policies.
- A business owners policy (BOP) bundles together all of the protections that a small business needs, including liability coverage, property coverage and business interruption coverage. A BOP is an economical way for small business owners to purchase comprehensive coverage, and it can be customized to meet the needs of individual businesses. BOPs do not cover professional liability, commercial autos, or workers’ compensation.
- Commercial general liability insurance covers the cost of damages and your legal defense if you, your products, services or employees cause bodily injury or property damage to someone else. It covers the legal costs and judgments associated with accidents, injuries, and claims of negligence, and it also provides coverage for claims of slander, libel, and advertising liability.
- Commercial property insurance provides coverage for expenses related to the loss of your business property due to smoke, fire, wind, hailstorms, civil disobedience, vandalism and certain other perils. Commercial property insurance can also include business interruption coverage, which protects your earnings if you are unable to operate for a period of time due to a covered loss.
- Commercial auto insurance protects you from the costs associated with collisions or other damage to your company owned cars, SUVs, trucks or vans that transport employees, products or equipment. Commercial auto insurance also provides liability protection if your business vehicles are involved in an accident. You will need to consider non-owned auto liability coverage if you or your employees drive personal vehicles for business purposes.
- Workers’ compensation insurance is required for most businesses that have employees. It provides income replacement and medical coverage for workers who are injured on the job. Requirements vary by state, but in general it protects business owners from potential lawsuits related to workplace injuries and illnesses, and it protects employees from financial devastation if they are injured at work. Penalties can be severe for employers who do not comply with workers’ compensation statues.
- Product liability insurance protects companies whose product causes injury or harm. Your need for this coverage depends on the type of business you have or the product(s) that you sell.
- Professional liability insurance, also known as errors and omissions insurance, provides for your legal defense and any damages from claims of malpractice, negligence or errors in the provision of professional services. It is usually necessary for lawyers, accountants, engineers, IT consultants, real estate agents or any firm that provides professional services to customers.
Are you ready to talk about insurance for your new business? We will work with you to determine the risks you face and which types of policies you need.
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