What insurance is best for your small business?
Most businesses need to purchase at least the following four type of insurance:
Business Property Insurance
Protect your building and business property against fire, vandalism, theft, smoke damage, etc. Coverage for business interruption/loss of earning insurance is wise as well.
Business General Liability Insurance
Even if your business is home based, you need to have general liability insurance to defend against damages you or your employees may encounter. Insure against bodily injury or property damage to a third party.
Commercial Vehicle Insurance
With commercial insurance you can insure your business vehicles, including work cars, SUVs, vans and trucks, from damage and collisions. If your employees drive their own cars on company business, you should have non-owned auto liability in case the employee has inadequate coverage.
As a business owner, it is very important to have worker’s compensation insurance because it protects you and your business from legal complications due to employees injured on the job. Penalties for non-compliance can be hefty.
How much insurance do you need?
Awesome Insurance will discuss the specific risks around your enterprise and line up policies that match your needs. Our goal is to make sure that your company is neither overinsured nor underinsured.
To begin, list your company’s assets including property, equipment and inventory. Let’s talk about what your business insurance needs. Call Awesome Insurance 817-239-8172 today.
Other types of policies you may need
If your business stores non-public information or sensitive information about its employees or clients on your computers, your company is responsible for protecting that information. If a breach happens, a Data Breach policy will provide protection against the loss.
Errors & Omissions Insurance
This insurance is also known as Professional Liability Insurance, which is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents and hair salons — just to name a few. The policy provides defense and damages for failure to render professional services or errors when performing services.
Directors and Officers Insurance
This type of insurance can cover costs or damages lost as a result of a lawsuit.
Business Owner’s Policy (BOP)
Based on your company’s specific needs, bundling your business owner policies will save money. Bundle your business interruption insurance, property insurance, commercial vehicle insurance, business general liability insurance and crime insurance.
To help you decide the amount of property insurance you need, list all your company’s assets—including property, equipment and inventory. You can buy property insurance on the basis of the property’s actual value (the replacement cost minus depreciation) or its replacement value (the cost of replacing the item without deducting for depreciation).