Small businesses may believe that their risks are pretty straightforward, and that the needed insurance is the same.
Industry Risks
Depending on the industry you’re in, you may have more specific risks that need specialized coverage. If you have certain equipment, perform certain tasks, provide consulting, or take possession of client goods – you’ll want to confirm that the policies you have provide the coverage you need.
Cyber Risks
Most businesses deal with customer data on some level, whether it be an email list or something more personal like dates of birth. In today’s climate, you need to have cyber liability insurance to protect yourself in the event of a data breach – and while BOPs and other policies with general liability coverage may have a component for this – it may not be enough. That all depends on the amount and the use of your customer data.
Risks for Your Employees
Got employees on your team? Then you are likely required to have workers’ compensation coverage for them. There are certainly exceptions, but it is something you’ll want to review with an agent. Your premium and level of risk for employees will be based on the tasks they perform – you can read more on how that’s determined here – your business’s history, and your industry.
Risks from Your Employees
Unfortunately, there are times where you may hire the wrong person. That person’s actions may have implications for your business, including theft, negligence, or damage to a customer’s property or service. Would you be covered for this? The answer depends on your policy and the amount of coverage that’s in place.
Additional Risks?
Does your business have vehicles for work tasks? Do your employees use their own vehicles for work-related trips? Do you work with special equipment, expensive technology, or rely heavily on suppliers? There are many factors that can impact your small business, and it is important to discuss them with an agent. Then you can determine if there are additional coverages you may not have considered.
Make sure you understand your small business’ risks and needs and purchase the appropriate coverage to protect yourself. Let one of our agents help your business get the protection it needs.