Business Insurance

Expect the Unexpected

Unexpected events happen. Lawsuits, fire, injuries on your business premises, an injured employee or even the death of a partner - all of these events can have a financial impact. Business insurance helps you minimize the financial impact of events such as these.

Professional liability insurance.

Professional liability insurance, also known as errors and omissions (E&O) insurance, covers a business against negligence claims due to the harm that can result from mistakes or failure to perform. Every industry is unique and there are no one-size-fits-all policies for professional liability insurance. Let us address your company’s specific needs and create a customized policy written especially for your business.

Property Insurance

Whether you own or lease your business space, property insurance is a must. This type of insurance covers your inventory, equipment, signage and furniture in the event of a robbery, or fire or storm damage. However, mass-destruction events like floods and earthquakes are generally not covered under standard property insurance policies. If your area is prone to these issues, check with your insurer to price a separate policy. You may also want to look into Business Interruption Insurance.

Workers’ Compensation Insurance

From the moment you hire your first employee, workers’ compensation insurance should be added to a business’s insurance policy. Workers’ compensation insurance covers medical treatment, disability and death benefits in the event an employee suffers injury or death as a result of his work with that business. Even if employees are performing seemingly low-risk work, slip-and-fall injuries or medical conditions such as carpal tunnel syndrome could result in a costly claim.

Home-based Businesses

Many small business owners get their start working out of their own homes. Unfortunately, homeowner’s insurance policies generally will not cover a home-based business in the way commercial property insurance does. If you are running your own business out of your home, it is a good idea to ask your insurer for additional insurance that will cover your equipment and inventory in the event of a problem.

Product Liability Insurance

If your business manufactures and sells products in the marketplace, product liability insurance is a must. Even a business which rigorously tests its products to ensure they are safe may find itself named in a lawsuit due to damages caused by one of its products. Product liability insurance works to protect a business in such a case, and coverage can be specifically to a specific type of product.

Vehicle Insurance

If you or your employees use company vehicles, those vehicles should be fully insured to protect your business against liability if accident should ever occur. If you own your own business it makes sense to insure against third-party injury, but comprehensive insurance will cover that vehicle in an accident, as well. When an employee uses their own car for business purposes, their own personal insurance will usually cover them in the event of an accident, unless they are delivering goods or services for a fee. This includes delivery personnel, etc.

Business Interruption Insurance

Earthquake, landslide, flood… when disaster occurs, a business’s operations can grind to a halt. Your business could suffer loss of income when your staff’s can no longer come to work in the office, or manufacture products, make sales calls, etc. Business Interruption Insurance is especially applicable to brick and mortar companies – those businesses which have a physical location from which they do business. This type of insurance compensates businesses for lost income during these events. Having the right insurance in place can help you to avoid major financial loss due to a lawsuit or catastrophic event. Consult with your insurer to find out what forms of insurance are advisable for your type of business. We recommend having a plan in place as soon as possible.