With more than half of small businesses being unable to recover after a substantial financial loss, many owners turn to business insurance to insulate their businesses from catastrophes, substantial liability claims and personal liability for business loss.
Some of the types of insurance that should be considered, and oftentimes are included in a package called Business Owners Policy, include:
- General Liability – protects against business negligence claims.
- Property Insurance – protects real and personal property owned by the business.
- Business Interruption – provides cash when a catastrophe strikes.
- Key Man – protects against death/disability of a key employee/owner.
- Directors and Officers– protects company executives from mistakes.
- Cyber Liability – protects inadvertent disclosure of private information.
- Advertising/Slander Liability – protects against liability in marketing/sales.
- Buy/Sell Policies – protects business in the event of an owner death or departure.
- Workman’s Compensation – required insurance for employee injuries.
- Commercial Auto Policy – protects company owned/leased vehicles.
- Employee Dishonesty – protects against employee theft/fraud.
When buying insurance be sure you not only consider your need but that you understand what you are buying and what claims are excluded. You can also benefit from vendor and others insurance by their including your business as an additional insured. A competent professional’s advice is always a plus.
The attorneys at Brooks, Tarulis & Tibble, LLC not only have experience in addressing policies and assisting our clients in making claims, but we can also recommend insurance brokers who we have confidence can adequately protect and advice your businesses. Should you have any questions or concerns regarding insurance coverage for or claims against your business, please contact us.