Insurance Every Business Owner Should Consider

General Liability Insurance: Every business, even if home-based, needs to have  liability insurance.

The policy provides both defense and damages if you, your employees or your products or services cause or claimed to have caused property damage or bodily injury to a third party.  Corporate structure does not protect your business, only personal assets. In some cases, the corporate structure can be pierced.

Property Insurance:  If you own the building or have business, personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, etc. If you lease or rent space, you will still need this protection as most leases don’t cover your losses in the event of damage. You may also want to consider business interruption insurance added to the policy to protect your income if the business is unable to operate.

Worker’s Compensation: This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue the employer. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws vary, but most require you to have workers compensation if you have W2 employees.  Penalties for non-compliance can be extremely high.

Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The insurance provides defense and damages for failure to or claims of improperly performing professional services.  General liability insurance does not provide this protection, so it is important to understand the difference.   Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and tech firms to name a few.

Cyber insurance or Data Breach:  Should a business store sensitive or non-public information about employees or clients on their computers, servers or even in paper files they are responsible for protecting that information.  If a breach occurs either electronically or from a paper file this type policy will provide protection against the loss or claims of damages.

In addition, every business owner should protect their personal assets with homeowner’s or renter’s insurance, personal auto insurance, life insurance, health insurance, and disability insurance. It makes sense to have an umbrella policy in place as well to further protect your assets.

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