Every business is distinct, facing its own set of risks. That’s why insurers offer an array of policies, tailored to your specific needs based on factors like size, industry, and location. Consider these essential business insurance options to protect your operations against unforeseen events.
1. General Liability Insurance
Don’t underestimate the importance of general liability insurance. Though not legally required, it offers comprehensive protection against various risks. Beyond covering bodily injury and property damage from your business, it addresses copyright infringement, reputational damage (like libel and slander), and typically includes product liability coverage. One advantage is it handles legal and settlement costs associated with these claims even without a formal lawsuit.
2. Commercial Property Insurance
This coverage safeguards your building, equipment, inventory, and technology against damage. By providing compensation for losses, it minimizes disruptions in your day-to-day operations. Some policies even cover lost income during recovery. While not legally mandated, it’s often required for commercial leases. Consider a Business Owner’s Policy (BOP), which typically bundles commercial property with general liability.
3. Workers’ Compensation
Job-related injuries and illnesses can lead to significant costs. Workers’ compensation insurance protects businesses from this financial liability, and most U.S. states legally require businesses with a certain number of employees to obtain it. In addition to protecting the employer, it’ll help cover an employee’s medical expenses and replace some of their lost wages from missing work due to the injury or illness.
4. Cyber Insurance
Cyber insurance protects businesses from the fallout of cyberattacks, covering costs like legal fees and the cost of data recovery. In today’s digital world, where the threat of data breaches and ransomware are constant, this insurance is crucial, especially if your company is handling sensitive information.
5. Commercial Auto Insurance
A commercial auto insurance policy is ideal for any business that owns, leases, or rents vehicles; has employees who drive their own vehicles for work; or has employees who operate company vehicles. Commercial auto insurance helps cover the costs of an automobile accident when an employee is using a company-owned car, truck, or van for business. A policy can help pay for property damage and medical expenses.
6. Employment Practices Liability Insurance
This insurance shields businesses from employee lawsuits alleging wrongful employment practices like discrimination or wrongful termination. These suits can be costly, even if they are unfounded. EPLI insurance helps cover legal fees and settlements, protecting a company’s financial stability and reputation.
GTM Insurance Agency Can Help
Having the right business insurance is so important, it’s your financial backup when the unexpected happens. There are many other policies to consider, depending on the business size, industry, location, and more. GTM Insurance Agency can help you create a cost-effective customized policy that protects you and your business. Request a free quote today or call 518-373-4111.
