With so many different types of insurance to choose from, it can be overwhelming to determine what type is best for your small business. ProAction Insurance Services is here to help explain the types of insurance policies available and how they can help protect you, your employees and your business’ bottom line.
Commercial Property Insurance
In the case of a catastrophic event such as a fire, explosion, burst pipe, storm or theft, commercial property insurance compensates you for losses or damage to your building, leased or owned equipment, and other property on the premises. In fact, commercial property insurance can cover items such as furniture, inventory, computers and anything that would be considered necessary for performing normal business operations.
General Liability Insurance
General liability insurance policies typically cover an organization for claims involving bodily injuries and property damage resulting from its products, services or operations. What’s more, this form of insurance can help cover medical expenses and attorney fees resulting from bodily injury or property damage claims for which your organization may be legally responsible.
Employment Practices Liability
Employment practices liability insurance (EPLI) is a form of insurance that covers wrongful acts that occur during the employment process. The most frequent types of claims covered under an EPLI policy include claims of discrimination, wrongful termination, sexual harassment and retaliation.
Workers’ compensation is important in the event that an employee suffers a work-related injury or illness. This type of insurance is required in most states and is used to cover medical bills or wage replacement for employees who experience a work-related injury. For example, if a worker pulled a back muscle at work and was unable to perform their duties, workers’ compensation would help in covering any physical therapy costs as well as compensating the employee for any lost wages.
If any part of your business is on an online platform, it is crucial to obtain cyber liability insurance. This type of coverage can protect your business from a cyber attack or interruption that can cause a loss in data, revenue and the trust between you and your customers. Cyber liability insurance is not only there to protect the internal information of your company, such as employees’ social security or financial information, but it also protects your customers’ personal and banking information.
Commercial auto insurance helps cover the costs of an auto accident if you or an employee is at fault. This coverage can help pay for damaged property and medical expenses. Your business should consider a commercial auto policy if any of the following are true:
Your business owns, leases or rents vehicles such as cars, trucks or vans.
Your business has employees who drive their own vehicles to conduct business.
Your business has employees who operate leased, rented or owned company vehicles.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, can protect your business against claims that a service you provided caused a client to suffer due to a mistake on your part or because you failed to perform a service.
Professional liability insurance can cover the cost of defending you business in a civil lawsuit for an alleged error or omission. What’s more, depending on your industry, professional liability insurance may be required by law.
Contact ProAction Insurance Services to help you analyze your needs and decide on the right coverage for you and your growing business.