Now that all the New Year hullaballoo is dying down and working is getting back on track, it’s a good time to think about your commercial insurance coverage. This is the perfect time to reflect on the happenings of the past year and how you can improve your business in 2018. One way to help keep your business in tiptop shape is to get good insurance coverage. Using a business insurance policy to help financially protect your small business from accidents could be essential. Sometimes, you can’t control the factors surrounding your business, which is why insurance is so handy. Commercial insurance helps deal with the things you can’t control. Here are some important policies to consider in this New Year!
First and foremost, think about purchasing a BOP. This is essentially a business insurance bundle. It may be customized to fit your business and your own needs. However, it usually includes general liability insurance and workers comp. Here are other common coverages that may be available in a Business Owners Policy:
- Workers Compensation
- Disability Insurance
- General Liability
- Professional Liability
- Commercial Property
- Commercial Auto
Commonly known as workers comp, this insurance policy helps protect your employees from work accidents. If your employee gets injured or sick on the job, then you may be found responsible. Workers comp benefits you as a business owner, and your employees. It can help cover costs associated with medical bills, lawsuits, etc. Most states require business owners to have workers comp. Not only should you get it for safety reasons, but it may be legally required too!
You should consider getting an insurance policy that helps protect your business’s property. Commercial property can help protect both the building structure as well as contents. For example, commercial property insurance can deal with things like building damage, equipment damage, lost inventory, and more. If your building accidentally catches on fire, or if someone breaks in, it could be disastrous. And that’s why it’s important to have this coverage!
Does your company have a car? Are you planning on getting a company vehicle? If you do, then you need commercial auto insurance. This coverage is different from your personal auto insurance policy. Your personal auto insurance policy will not protect your company vehicles. Depending on your company, you may need more or less auto insurance coverage. If your company car gets into an accident commercial insurance helps to protect you, your business, your employees, and others involved in the accident. Medical bills and repairs can really pile up. Insurance helps you financially.
Excess Liability acts like an umbrella policy. In the event that an claim exceeds the your policy’s limits, then excess liability acts as an extension on your coverage. Imagine this as an extra safety net. You never know what life is going to throw at you and your business. Excess liability gives you peace of mind and can be a huge help in large claims!
Take a second and call up your insurance agent. Talk about your business, how it’s changed in the past year, and make adjustments. Your insurance agent can help you get the coverage that best suits your small business. Owning a business is hard enough, and insurance is there to help you out when things don’t go quite as planned.