Insuring your business is a great way to protect your livelihood from an assortment of risk factors; not to mention, many landlords require that you purchase coverage. However, it’s best to look beyond the most basic policy and work with your agent to build a comprehensive portfolio so your business is equipped to tackle the unforeseen.
Talk with your partners, key employees and, most importantly, your agent to see if the following coverages are right for you.
- Property: Covers the repair or replacement of damaged, destroyed, lost or stolen business property—buildings, furniture, inventory, raw materials etc.—following covered incidents including severe weather, fire, theft and vandalism.
- Liability: Covers legal and medical expenses associated with third-party property damage or bodily injury suffered on business property or as a direct result of the business’ actions/products/services.
- Equipment breakdown: Covers damaged, destroyed or failed equipment, such as computers and phone systems following a covered incident.
- Data breach: Covers digital resources—customer databases, cloud storage, and other electronic data—from hackers, power surges, data leaks and even internal fraud.
- Commercial auto: Covers vehicles—owned, rented, leased or employee-owned—that are driven by employees for business purposes. Coverage options are similar to those for personal auto insurance, along with specialized coverages.
- Loss of income: Covers lost income in the event that daily business operations are interrupted for an indefinite amount of time. This can include lost profits, along with financial obligations such as rent and payroll.
- Workers compensation: Covers the medical expenses and lost income of workers who become injured while performing work tasks. This coverage is mandatory in most states.
- Errors and omissions (E&O): Covers client claims against the insured for failure to meet expectations or errors in work performed. Certain professions—lawyers, doctors, engineers, realtors, consultants etc.—have a higher risk of E&O liability claims.
- Commercial umbrella: Provides another layer of coverage on top of underlying policies to cover claims that result in exorbitantly high expenses.
Trust the experts at Alliance Insurance Group to handle all your insurance needs. Our agents are knowledgeable, highly trained, and accessible. Fill out the short form below for more information or any Commercial Insurance quote.