When you start your own business, you normally think about the resources needed to complete your day to day work and manage your clients, billing, and any employees. However, an often overlooked business item is Business Insurance for protection against large losses that could potentially bankrupt your new enterprise.
There are many types of affordable business insurance that ensure your business is still able to get off the ground in the event of a problem or disaster. If you have an established business, you may want to consider a tune-up of your existing coverage.
Regardless of whether you own or lease your workspace, you'll want to have property insurance coverage. This will cover the building structure (if you own it) and all the equipment you use in the event of fires, storms, or theft. Additional coverage may be needed if you live in an earthquake or flood prone area, or are at risk of other perils that can cause large losses in a small geographic area.
There are several types of business liability coverage. Which type you decide to get will depend largely upon your business. Talk to your insurance agent if you aren't sure which type you need.
If you have a physical location, general liability insurance will protect your business against issues arising out of the daily activities on company premises, such as slips, falls and other accidents.
Regardless of how careful you are, failures can and do happen to products in the manufacturing process. Product liability insurance works protect your business in the event of a lawsuit, physical damages, or medical costs as a result of a failed product.
Commonly known as “Errors and Omission” (E&O) Insurance, professional liability coverage protects your company in claims regarding mistakes or unfulfilled contractual obligations. This coverage is designed for companies that provide a service, rather than a physical product. Different industries have varying sets of concerns, which will need to be addressed by a custom policy.
Businesses with company vehicles should have full insurance to protect the business against accidents. Employees using their personal vehicles are normally covered by their personal auto insurance, except in the case of paid deliveries. Consult your insurer if you have any questions in those instances.
With a few exceptions, Oklahoma requires companies with employees or 1099 contractors to have workers compensation insurance. This covers any accidents while on the job and pays for damages regardless of who is at fault.
Even if you are exempt, it's usually a good idea to have some sort of liability insurance to protect you when employees or contractors are injured on the job.
Data Breach Liability Coverage
It's not uncommon to turn on the news and hear about the latest data breach at a well-known company. Believe it or not, it's not too uncommon for smaller companies either. If you store any personal information for your clients or employees (including paper document and on the cloud), you are legally liable to protect that information. Having data breach insurance will make sure you are covered should your digital or paper files become compromised.
Business operations can be suspended as the result of a disaster or other unexpected event resulting in damage to the premise. Business interruption insurance will cover standard operating business expenses while repairs are made.
Insurance needs for your individual business are going to be unique. To make sure you have adequate coverage to keep your business running smoothly, contact our offices to talk to a professional that's been taking care of business insurance needs for over 10 years.