Every business has its own unique risks and, therefore, unique insurance needs. Regardless of business size, what’s right for one company may not be right for another, so do your homework so you can select and pay for the coverage you really need. At the bare minimum, companies with employees are legally required to have workers’ compensation, unemployment and, in some locations, disability insurance, according to the Small Business Administration.
But what other coverage should you have? All of our sources agreed that general liability insurance is a good place to start. This covers your business for any third-party damages you may incur (property damage, injuries or incidents that occur on your premises); certain legal defense costs if your company is sued; and reputational damage due to libel, slander or copyright infringement. You can also take out a business owner’s policy (BOP), if you qualify for it under a carrier’s terms and conditions. In addition to general liability, a BOP will cover your business property, making it a better overall deal.
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“Generally a BOP policy will offer more coverage for less money than the mono-line general liability policy,” said Jennifer Rasiah, founder of Givesurance, a company that allows members to donate 5 percent of their insurance premiums to charity.
Olavo Macedo, senior managing director of national commercial accounts for insurance brokerage firm Risk Strategies Co., said that hired and nonowned automobile coverage is also a good idea, if it’s not already part of your BOP. He also recommended cyberinsurance, since data security is becoming a top priority for many businesses.
“Cyberliability coverage … has become a necessity as many businesses utilize online platforms to transact business, and the collection, management and protection of client data creates a huge risk,” Macedo said.