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 Is My Business Safe?

Is My Business Safe?

It seems like there is an insurance policy for everything under the sun. And there should be. Having the right coverage for the right situation will only help keep you, your family and your business safe. For instance, businesses need business insurance because it helps cover the costs associated with property
damage and liability claims. Without business insurance, business owners may have to pay out-of-
pocket for costly damages and legal claims against their company. Depending on the incident, this could
be a financially devastating scenario for business owners.
Most small businesses will need a business owner’s policy (BOP). This combines business property,
business liability and business income insurance in one policy.

  • Business property, sometimes called commercial property, helps protect the physical location of your business and business assets. This includes tools, documents, and furniture.
  • Business liability, sometimes called “commercial liability,” helps cover the costs of liability claims made against your business. For example, if a customer were to injure himself on your business property, he could bring a lawsuit against your company. Business liability insurance can help cover the costs of that claim.
  • Business income insurance helps replace lost income when your business can’t operate due to a covered loss. This is a great way to help ensure you can keep paying your bills, payroll, and ride out the temporary suspension of your business. For example, if a fire damages your business and it’s closed during repairs, business income insurance can help replace the lost income while repairs are being made.

In the event your business has employees, you will also need to have worker’s compensation,
unemployment insurance and disability insurance.

  • Workers’ compensation provides financial support to employees who are unable to work because of a job-related injury or illness. For example, if an employee injures their back while lifting a heavy piece of equipment, workers’ compensation insurance can help cover their medical costs.
  • Unemployment insurance provides benefits to workers who are displaced from their jobs through no fault of their own.
  • Disability insurance provides income in case a business owner or employee is unable to work due to an illness or injury that occurred away from work.

Workers’ compensation provides financial support to employees who are unable to work
because of a job-related injury or illness. For example, if an employee injures their back while
lifting a heavy piece of equipment, workers’ compensation insurance can help cover their
medical costs.

Determine what you need. There are many types of business insurance, so before you shop around for
a plan, it’s important to consider your specific needs. A general liability or business owner’s policy is
good for umbrella coverage, but depending on the type of business you own, other insurance policies
might better protect your business.
Know the risks. With so many insurance providers and types of business insurance on the market, it
pays to know the risks unique to your business. Whether you need to protect data or products or
building or people, understand the liability that you need to have covered.
Compare quotes. As with any policy, you should get more than one quote. Consider the options and
limitations of all before making your final decision. Remember that price should not be the major
motivating factor in your decision.
Find a good agent or broker. You will need their assistance not only to determine the initial policy needs
but to make sure you stay updated and especially in the event of filing a claim. Just like the policy, you
should speak to more than one agent or company before deciding. Remember that proximity to your
business should not be the major motivating factor in your decision.
Regularly review your policy needs. Once you are fully covered, make sure to have regular reviews with
your agent in the event of any business transitions or changes as well as yearly coverage needs and
costs.
We at California Southwestern Insurance Agency have experience with Business Owner’s Policies and
any other type of insurance you may require. We look forward to being able to assist in your needs and
coverage requirements. Please reach out today.