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Small Business Owner?? Make sure you have these types of insurance.

General Liability Insurance: Every business, yes even home-based, needs to have liability insurance. A liability policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.

Property Insurance: If you own your building or have business personal property, and almost every business does, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate due to an included/covered peril.

Business owner’s policy (BOP): A BOP packages all required coverage a business owner would need. Often, BOPs will include business interruption, property, vehicle, liability, and crime insurance coverages. You can usually work with you agent to customize what is included in your BOP. Typically you will save money by choosing a BOP because the bundle of services often costs less than the total cost of each of the individual coverage in separate policies.

Commercial Auto Insurance: Commercial auto insurance protects a company’s owned vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions.
If you do not have company-owned vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.

Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. State laws will vary, but all require you to have workers compensation if you have W-2 employees. Penalties for non-compliance can be very stiff.

Errors and Omissions aka Professional Liability Insurance: The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference.
Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few.

Directors and Officers Insurance: this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.

Cyber/Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file a cyber/data breach policy will provide protection against the incurred loss.