From retail stores to offices to contractors to restaurants and garages, every business needs business insurance.
If you lease or own property, you will need to obtain business property insurance to cover your building, business contents, special equipment, inventory, improvements and betterments. While the insurance policy provides coverage for fire, lightning, weight of ice and snow, windstorm and hail – be sure to also include theft. If you have special tools and equipment, you may to add a rider to your property insurance to cover this properly. If you are in a special flood zone, then you need to purchase a flood insurance policy.
Just as important as your physical assets, is insuring and protecting your business from lawsuits. The insurance industry refers to this as Casualty Insurance.
Most business owners recognize this as General Liability Insurance and this would include Bodily Injury Liability and Property Damage Liability. There are several categories of Business Liability insurance. Of course, it includes your premises liability, personal injury liability and products and completed operations liability, but you also need to consider the following liability coverages:
- Business Automobile Insurance
- Employers Liability Insurance or Workers Compensation Insurance
- Employment Practices Liability that covers both 1st party and 3rd party discrimination
- Employee Benefits Liability
- Cyber Liability and Data Breach Coverage
- Professional Liability or Errors and Omissions Liability
- Umbrella or Excess Liability
If you have a lease, be sure to review the insurance requirements and be sure to purchase the proper coverage to comply with your lease.
If you are in Maryland, Virginia, District of Columbia or Pennsylvania, the policies are classified and rated for your specific business. Most small business policies can be written for a $500 minimum annual premium.
More importantly, seek out a professional independent insurance agent that will review your business needs and provide you with the proper insurance coverage.