Understanding Insurance Options for Your Business

Business owners know that one accident or unfortunate mishap can be the difference between being profitable or sinking into financial insecurity. From managing employees to overseeing daily operations, there is a lot of room for risk—which is why it’s a good idea to periodically evaluate insurance options that cover your business.

General liability insurance

As the name suggests, general liability insurance offers a broad range of protection from incidents your business may encounter. Minimally, business owners should consider liability insurance since, in most cases, it covers your legal liability for:

• Bodily and personal injury
• Property Damage
• Defamation, including libel or slander

Commercial property insurance

Whether you own or rent the space your business occupies, commercial property insurance can provide protection for your real estate in the event of damage or loss. All commercial property policies are different, making it important that you understand what is and what is not covered.

Additionally, it is important to know that basic commercial property insurance excludes coverage from damage caused by natural disasters. To protect your business in these cases, you would need to purchase a specialized policy, such as commercial flood or wind insurance.

Business income insurance

Should your property sustain a covered loss, you may be displaced for an extended period of time. Business income insurance is available to cover ongoing expenses while your business is unable to operate. Extra expense coverage may also be available to cover additional expenses needed to keep you in operation while your property is being repaired.

Workers’ compensation insurance

States mandate this type of insurance to protect employees and uninsured subcontractors while working on behalf of your business. Workers’ compensation insurance offers coverage by state and includes specific medical, rehabilitation and lost wages expenses incurred from bodily injury or illness of an employee. In addition, this type of insurance includes legal liability that protects the employer from claims made by third parties.

Commercial auto insurance

Your business assets are at risk any time you or anyone else operates a vehicle on behalf of your business. Commercial auto insurance can protect your assets alongside company vehicles and approved drivers.

Employee benefits

Selecting an employee benefits package for your company is an important decision. You’ll want to consider your company’s goals and budget, while also offering valuable services to your employees. Below are some examples of basic employee benefits:

• Health insurance: Health insurance offers employees coverage for hospital and recuperation costs, as well as provides a variety of wellness and preventive services. Employers may be required (under the Affordable Care Act) to offer this type of insurance.
• Life insurance: Businesses can elect to offer life insurance, which can reduce financial risk in the event something occurs to an employee or business partner.
• Disability insurance: A company may offer disability coverage to employees to help provide income in the event an accident impedes their ability to perform their job.

Talk to your insurance agent

There are many insurance options available to help protect your business. Speak with your agent today to find coverage that best meets your needs.