Do you know which types of incidents are covered under your current business insurance policy? If you’re unsure, know that you aren’t alone. The reality is many small business owners go for the state and local minimum requirements or leasing and contract minimums when they’re starting their company. But as time goes by and you continue to grow, your insurance needs are likely to change quite a bit. As your trusted local insurance agents, we want to make sure you have the right level of coverage to protect your business, employees, and customers as well. Keep reading to learn more about building a comprehensive business insurance policy with Leonard Insurance Services.
What Type of Insurance Coverage Do I Need for My Small Business?
While each small business is different, there are a few foundational insurance coverages that you should be including in your policy. Working closely with a knowledgeable independent insurance agent is a great way to build a tailored policy, feel confident in your coverage options, and enjoy peace of mind in knowing that your company is protected against the unique risks you’ll face each day. Some of the most common overage options that should be included in your business insurance policy include:
- General Liability Coverage — This type of insurance works to protect your business if a liability claim is brought against you. The most common types of liability claims you may come up against include bodily injury claims, property damage, libel, and slander. With this coverage, you can likely expect medical expenses and settlement sot be covered, as well as your legal fees in a lawsuit.
- Cyber Insurance – This covers your business’ liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and health records.
- Commercial Property Insurance — Whether you own the building you operate out of our you’re in a lease, this coverage will protect your business property, the tools and equipment inside, office furniture, inventory, and more in the event of an accident or disaster. You should also be able to recover damages for any computer equipment, accounts receivable, and lost income with commercial property insurance.
- Loss of Business Income – is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.
- Workers’ Compensation Insurance — Although workers’ compensation coverage is not required in every state. For every business type, it is highly recommended. This is because it offers protection for your employees and your bottom line. Workers’ compensation insurance is designed to cover medical costs, lost wages, and even death benefits for employees who are injured or become ill following a workplace accident.
- Professional Liability Insurance — If your business provides professional advice or services for others, there is a chance that you could make a mistake that impacts your client’s financial future negatively. In these cases, professional liability insurance—or errors and omissions coverage—will cover you and your company in a lawsuit. Your insurance will not only cover the cost of damages but should also cover the cost of your legal fees so you can avoid paying out-of-pocket for a lawyer.
- Commercial Auto Insurance — For businesses who rely on company vehicles to make deliveries, meet with clients, or run office errands—commercial auto insurance is a must. With this essential coverage, you can rest easy knowing that you’ll have help to cover the cost of any work-related auto accidents where you or an employee is at fault. This coverage will likely pay for medical costs, property damage, and more.
Contact Leonard Insurance Services Today
Interested in learning more about the benefits of total insurance protection for your small business in Wisconsin? Call (262) 241-8610 or contact our friendly local insurance agents today to review your policy and be sure to request a free quote.
