Small Business Owner Insurance Checklist

Are you a small business owner? Do you know what type of insurance you need? Before you call your agent, run through this checklist of various business insurance types and mark which ones you think you might need. Your agent can guide you when you meet on if you truly need a certain type of coverage or if you are missing one. You understand your business the best, so if you think you might need a certain coverage, don’t hesitate to ask. Your agent should be able to educate on the different types of coverage’s and why you do or do not need them.

Small Business Owner Insurance Checklist

• Property Insurance Coverage: this will help you protect your investment and can cover anything from merchandise to equipment used to make your business function. It can help to protect the physical property of your business and it could protect the actual building where your business is housed. It can also cover equipment breakdowns and the cost of removing debris after a loss.
• Liability Insurance Coverage: this will help protect you in case there is a lawsuit again your business. There are 3 types:
  • General Liability: protection in case you are sued because of accidents, injuries or claims of negligence.
  • Product Liability: protection if your company manufactures or sells a product.
  • Professional Liability: protection against errors and negligence.
• Coverage Relating to Employees: there are various coverage’s you might need depending on the number of employees you have. Inquire with your agent for all of the options you need to consider.
• Coverage for Business Vehicles: if you have a business vehicle, you need a business auto policy. This helps to protect your company against liability if your company’s vehicle is in an accident.
• Data Compromise Insurance Coverage: this is also known as a data breach coverage. It helps protect against legal cost in the event that personal data of employees and customers is stolen or accidentally released.

Summary

If you have any questions about coverage options or would like a quote, please call us at 513.984.5255. We have a dedicated commercial lines team who can help you figure out business insurance.

---

Sources: AllState

 

Like this article? Share it!