When most small business owners talk about business insurance,
they are referring to basic general liability insurance. That is not a
knock on the insurance acumen of small business owners in any way, but
rather an acknowledgement that the most widely recognized business
insurance coverage is general liability (i.e., coverage for slip-and-fall accidents).
And to be fair, general liability is an extremely important piece of a
small business’s insurance program, if not the most important piece.
However, general liability is not the only coverage crucial to the
success of a small business. There are other, relatively well-known
coverages like property and loss of income that many small business
owners are quite aware of. But there are many more beyond general
liability, property and loss of income that, if left out of a small
business insurance program, can have a nasty effect on a business should
a loss occur.
Below is a list of important "additional” coverages every small business should consider:
If your product or service includes expert advice, you have a professional liability exposure that is not covered under general liability.
Workers compensation should not be considered an obligation that
must be purchased when you hire employees but rather a protection for
your business against frivolous lawsuits brought on by
Hired and Non-Owned Auto Liability
If your employees run business errands throughout the day with their
personal autos, your business is exposed in the event that the employee
gets into an accident.
I’d like to believe that everyone is honest, but…
Electronic Data Processing Equipment
Computers and electrical devices often have their own (low) property sub-limit. Add this coverage to ensure your electronic equipment is adequately insured.
For those of you who travel, your business property may not be covered while it’s moving.
Employment Practices Liability
Your employees are not your friends and even if they are, they still might sue you.
If you have confidential or personal information on a business computer, there is a hacker trying to get at it right now.
These are just a few of the types of coverage you should consider in
addition to your general liability coverage. I work for and with small
business owners every single day. I know the constant cost/benefit
analysis associated with every decision.
Business insurance is not "one size fits all.” Find your greatest
needs and address those first. Then work your way into the additional
types of coverage necessary for future growth.
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