As a business owner, we know that you have a lot on your plate. Between training and managing your employees, ensuring top-notch customer service, and working to grow your business through sales and marketing, there’s a lot to juggle. Here at Morse, we want to help with your business insurance needs so you have one less thing to worry about.
Many business owners believe that a business owners package (BOP) is the most efficient way to ensure that their company has the right coverage to fit their unique needs. These packages, however, in general only pertain to the actual structure of your business — meaning you may be missing some important coverages that your company needs. Whether you’re new to the game or just thinking it’s time to re-evaluate your insurance package, here are the 5 types of business insurance every business owner should consider.
1. Commercial Auto
It doesn’t matter if you own a fleet of cars or just have one, if you use any vehicles for your business, you should definitely have commercial auto coverage. This commercial policy will cover any vehicle that you own, rent, lease, or borrow as long as it is being used for business purposes.
Business owners should also consider Non-Owned & Hired Auto Coverage to fill any gaps in coverage. This will provide coverage for liability exposures that may exist if you ever have employees using personal cars for business tasks, which happens more than you think. If you have ever had an employee run an errand, like going to the post office or picking up supplies in their own vehicle, this is a liability exposure for your business.
2. Commercial Property
Your commercial property policy will cover many things, from the structure of your building to any furniture, computers, equipment, inventory, and even outdoor landscaping or signs you may have. This type of policy can also cover damages from fire, wind, hail, theft and vandalism. Exposures like loss of income or increased expenses related to property damage that inhibit your ability to do business can also be covered under your commercial property policy.
3. Business Liability
We live in an increasingly litigious world. From former employees to customers to suppliers, business owners today are open to a myriad of potential lawsuits. Luckily, a comprehensive general liability policy, above and beyond what is available in a standard business insurance package, can protect your business from legal claims resulting from bodily injury, property damage, or negligence. Depending on your business, you should also consider adding on specialized business liability coverage for things like Pollution Liability, Professional Liability, Errors and Omissions, or Liquor Liability.
4. Cyber Liability
Think your business is too small to need cyber liability insurance? Think again. If your business collects any personal information about clients, employees or vendors or operates online at all, you should definitely consider investing in Cyber Liability Insurance. This coverage can protect you if you are the victim of a data breach by covering expenses such as notification costs, credit monitoring, legal fees and fines, and financial losses resulting from identity theft. Your cyber liability policy can also help cover expenses related to reputation management in the wake of a data breach.
5. Workers’ Compensation
Required by law in Massachusetts, workers’ compensation insurance is designed to protect your business as well as your employees. If you have an employee who gets injured on the job, your workers’ compensation program will kick in to cover things like medical expenses, permanent disability, and partial wages. It can also protect your business from a civil lawsuit related to an on the job accident.
Knowing exactly what kind of business insurance your company needs is complicated, but our team here at #MorseOfCourse is here to help! Let us take care of your unique insurance needs so that you can focus on running your business — give us a call at 508-238-0056 or visit our website at morseins.com to learn more.