When starting a business, it is important to make sure you have the right types of insurance to cover unexpected incidents that may disrupt your business or cause you to lose money. Risk management solutions are a major part of a company’s overall success. Your business law attorney can help you create risk management strategies that can protect your business and save you money. Below are some insurance policy plans that can benefit your business.
General Liability Insurance
Anyone starting a business should have general liability insurance. General liability insurance covers any damage that your company or your products, services, or employees cause that result in bodily injury or property damage to a third party.
If you own any property that is involved in your business such as office space, company equipment, computers, and other business items used to run your business, you should buy a policy that will protect these items in the event of a fire, theft, vandalism or another mishap. You can include a business interruption/loss insurance in the policy to protect your profits and earnings if the company is unable to operate as usual
Commercial Auto Insurance
If you utilize vehicles in your business, it would be wise to invest in a commercial auto insurance policy. This police will protect all vehicles that transport products, equipment, or employees in the firm. You can protect your company vehicles from damage and collisions. If your employees use their personal vehicles for business purposes, you might want to consider a non-owned auto liability policy to protect your company in the event employees do not have insurance or proper coverage.
Worker’s Compensation Insurance
You should surely provide your employees with worker’s compensation insurance in the event that they are injured on the job. Worker’s compensation provides wage replacement and medical benefits to employees who might be injured at work. This policy prevents an employee from suing his employer for the accident. This insurance is vital to business owners because it protects you and the company from legal challenges. This insurance is mandatory if you employ W2 workers.
Professional Liability Insurance
You may want to invest in a professional liability insurance or errors and omissions insurance. This insurance provides defense and damages for not rendering professional services. Any company that provides a professional service can benefit from professional liability insurance.
Directors and Officers Insurance
If your company have directors and officers, it is a smart idea to provide directors and officers insurance. This insurance protects the directors and officers when their actions impact the profits and operation of the business. This insurance will cover costs or damages resulting from a lawsuit.
Data Breach Insurance
When your company handles and houses sensitive or personal information about employees or customers on company computers, servers or files, you are responsible for keeping this information secret. If a breach happens data breach policy provide protection against the loss of information.
Business Owner’s Policy
A Business owner’s policy (BOP) is a comprehensive policy plan that covers all required coverage a company might need under one policy. This policy is packaged as a bundled service, which might include business interruption insurance, liability insurance or property insurance. A BOP may save companies money since there is only one cost as compared to purchasing several different policies.
Your business law attorney can assist you in planning an effective risk management plan for your business. Different kinds of businesses will need different types of insurance coverage. A business law attorney can make sure you are choosing the right insurance and ensure you are following the laws that govern a certain policy plan, too.