Congratulations! You made the leap and started your own business. Taking this kind of risk can be both exhilarating and overwhelming. From day one, you need to plan for the unexpected from changes in your industry to accidents, natural disasters, and lawsuits that could derail your dream. That’s why it is critical to examine the wide range of insurance types that can help protect your business in case the unthinkable happens.
Nothing in life is certain. Business insurance can help you plan for even the most catastrophic uncertainties like natural disasters, cyber attacks, business liability, personal liability, accidents, and company vehicle insurance.
Many small business owners know what it takes to get their businesses going but don’t always know what types of insurance they need and how much coverage is appropriate to help protect their business. That’s where we come in. We can evaluate what your business does and where the risks are in order to protect your company. Here are a few of the types of insurance that you may need.
Professional Liability Insurance
This insurance is also commonly known as errors and omissions (E&O) insurance. You may see it worded either way. In short, this coverage protects against financial loss as a result of malpractice, errors, and negligence. It is recommended for businesses that provide services to customers. For example, if your hair salon burns or harms a client during a cut, color, or service at your salon, you will be covered.
Do you own, lease, or rent office space? If so, this insurance is a “must.” The property insurance policy not only protects your physical place of business but also your contents, including office furniture, computers, your business inventory, and other items essential to your business operations. This coverage protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.
If your business has employees, you will be required by Massachusetts law to have this insurance that covers medical treatment, disability, lost wages, and death benefits in the event an employee is injured or dies as a result of his work with your business. The coverage typically pays damages regardless of who is at fault in the accident. Even the most low-risk jobs should have this coverage.
This type of insurance is meant for businesses that manufacture, wholesale, distribute, and retail a product. For instance, this insurance can protect your company if a consumer suffers bodily harm or injury for a defective product. Insurance can be tailored to specifically meet the needs of your unique product.
Commercial Auto Insurance
Does your company own or lease a fleet of trucks, cars, or other vehicles used to perform business tasks? If so, you will want to investigate commercial auto insurance that protects your company in the event that the vehicle is in an accident where there is property damage or personal injuries. There are also special cases where employees use their own cars for business purposes where their own insurance may cover the accident.
Home-Based Business Insurance
If your small business is being run from within your residence, you will want to investigate home-based business insurance that can cover your business equipment and liability coverage for third-party injuries.
Data Breach or Cyber Security Insurance
This insurance is quickly becoming a “must have” insurance since cyber crimes are increasing in number and types. Data breach insurance protects business owners from legal liability resulting from this type of breach, whether the information is leaked electronically or by some other means such as a paper file.
As you can see there are many different types of insurance that your business may need. Our knowledgeable and professional agents can talk to you about your company and help you decide what insurance coverage you will need to protect your business. Call Phil Richard Insurance at (978) 774-4338 or visit our site.