Business owners have an overwhelming amount of responsibility to juggle, and it can be easy for some details – like comprehensive small business insurance – to fall through the cracks. Often, insurance policies are purchased when the company is initially founded but then not reevaluated as the company’s needs evolve, which can leave major gaps in coverage and unnecessary risk exposures.
Evaluating whether you have the right coverage for your business can be an intimidating task – so we designed our “small business insurance check-up” to help you sort through the options with simple, easy-to-digest overviews of the types of coverage that may be relevant to your current business operations.
The Small Business Insurance Check-Up
- General Liability Insurance – Protects your business in the event that you’re found responsible for bodily injury or property damage during your business operations. It covers defense costs, medical bills, and settlements or damages.
- Commercial Property Insurance – Insures physical property, including the structure and its contents, against losses from covered events. Consider expanding coverage to include floods, earthquakes, or other specific risks.
- Business Income Insurance – Covers lost profits and continuing expenses if your business is interrupted due to a covered event, such as a fire.
- Business Owner’s Policy (BOP) – Bundles general liability, commercial property, and business income insurance. Evaluate exemptions and limits if you’ve opted for a BOP.
- Commercial Auto Insurance – Covers your company’s vehicles and drivers while conducting business. Consider coverage for employees using personal vehicles for business purposes.
- Worker’s Compensation – Pays benefits for work-related injuries, including medical care and lost wages. Don’t overlook implications for remote employees.
- Professional Liability Insurance – Protects against damages related to professional services, including omissions, negligence, or inaccurate advice.
- Employment Practices Liability – Safeguards against accusations of wrongful termination, harassment, discrimination, or other employment law violations.
- Cyber Liability – Covers risks associated with data breaches, cyber extortion, and compliance with cybersecurity regulations.
We Can Help You with Your Small Business Insurance Needs
At Swarts, Manning & Associates, we provide a unique perspective on all your commercial coverage options, helping you determine the carrier and policy that best fit your business. We strive to find you the broadest coverage at the best rate. Give us a call to get started: (833) 878-2820.
Each week, Swarts, Manning & Associates covers relevant topics for your business. Stay tuned to hear more discussions about managing your insurance and industry-specific tips.
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