Many large corporations have employees whose specific job is to guarantee that the company is adequately insured against major risks, losses and lawsuits. Small business owners do not have the luxury or the cash flow to do the same. That is why it is important to have an independent insurance agency like Berkely Brokerage Corp. working with you to put the proper insurance policies in place to protect your business against unnecessary losses. One disaster like a fire or a lawsuit can often be enough to cause major financial harm to a small business, sometimes even making it necessary to close the doors for good. This may be avoided if the correct insurance coverage is in place.
There are four basic types of insurance necessary to protect your business:
- Property insurance protects your building, equipment, computers and inventory
- Liability insurance protects against lawsuits.
- Commercial automobile insurance protects against any automobile exposures.
- Workers Compensation insurance covers costs associated with employees injured on the job.
Every business is unique in its own way. It is important to sit down and discuss your business and your long term goals with an independent insurance agent like Berkely Brokerage Corp. We will learn how your company operates and determine if you would benefit from any additional types of insurance coverage that you may not have thought of such as:
- Errors and Omissions coverage for professionals such as consultants, accountants and architects to protect against lawsuits when a client claims your services have caused harm to them or their business.
- Disability Insurance for entrepreneurs whose only income is what they receive from their business in the case of an extended leave of absence due to medical reasons.
- Business Interruption Coverage to protect against lost profits and ongoing operating expenses while a business is unable to operate due to an event such as a fire or flood.
- Cyber Liability Coverage to protect your company against losses and lawsuits due to a data breach or a crippling virus.
- Employment practice coverage will help to defray costs and legal expenses when an employee makes a claim against the business.
- Flood Insurance
While this may seem overwhelming to digest, Berkely Brokerage Corp. knows the questions to ask to determine what your business needs to be properly protected. We understand how to bundle coverage to save you money both on your insurance premiums and against losses and lawsuits you may not have thought of.
I am attaching two articles from Entrepreneur that will provide you with more important information you should have when determining how to insure your small business.
http://www.entrepreneur.com/blog/223690
http://www.entrepreneur.com/article/201544
Give us a call today with any question you may have. We will be happy to work with you to make sure that your business is properly insured.
