Types of Insurance a Small Business Owner Should Have
There is no question, owning a business comes with a set of unique risks. The types and kinds of business threats are changing rapidly, and for your business to survive and grow you need to know how to manage your risk. A well designed commercial insurance program can protect your company from financial loss and even be the difference between closing your doors or staying open after a severe claim.
The types of business insurance you should have:
Property insurance: Covers your buildings, equipment, machines, and other property from loss or damage.
Commercial Liability Insurance: Provides coverage for bodily injury and property damage you cause to others.
Commercial Auto Insurance: Covers your company vehicles if they are involved in an accident. It can also cover your business if you or an employee uses a personally owned vehicle on behalf of the business.
Cyber Liability Insurance: This insurance can protect your business from a data breach. If your business stores sensitive or non-public information about employees or clients you are responsible for protecting that information.
Management Liability Insurance: Management Liability can encompass three important business insurance coverage’s; Professional liability, Directors and Officers Liability, and Employment Practice Liability. These are excluded in most business insurance policies.
Professional Liability- Provides for defense and payment of any damages for failure to deliver professional services.
Directors and Officers Liability- Protects the company and the officers from actions made as a result of alleged or actual damages of third parties.
Employment Liability- This coverage provides defense for claims brought by employees for alleged wrongful termination and discrimination.
Workers’ Compensation: Every business with employees is required to have Workers’ Compensation Insurance. This coverage provides medical care and treatment for employees injured on the job. As a business owner, it is important to have Worker’s Compensation insurance as it protects the company from legal complications arising out of the workplace.
We are Independent Agents, free to choose the best carrier for your insurance needs. We do not work for an insurance company; we work for you. We work on your side when you have a loss and follow through to see that you get fair, prompt payment and service. Partners Risk Services represents a carefully selected group of financially strong, reputable insurance companies, therefore, we are able to offer you the best coverage at the most competitive price.