As you focus on the growth and prosperity of your business, it’s not always easy to keep every detail at the top of your mind. Still, the importance of comprehensive insurance coverage is not something to be taken lightly.
While you hope there will never be any negative repercussions (and take pains to prevent such occurrences), the fact is that incidents do happen. In fact, 25 percent of companies that close following a disaster never re-open, according to research from the U.S. Small Business Administration (SBA). That’s why it’s wise to be prepared for anything, to ensure the continued safe and smooth operation of your company.
Knowing and securing the types of insurance every small business owner needs is the first step to keeping your company thriving for years to come.
1) Business and Commercial Insurance
One of the most important coverage options is a commercial policy. Saving you precious time and money, this gives you the ability to choose a personalized policy for your unique desires and requirements. Popular package options include coverage in the areas of:
Contact a reputable and qualified agency skilled in business and commercial insurance to secure this integral coverage.
2) Property Insurance
Regardless of whether or not you own the building at which your business is located, it’s imperative to secure adequate commercial property insurance.
If you do own the building, you need enough coverage to replace the structure in the event of exhaustive damage. Even if you don’t own the building, you must still protect everything housed inside. This is known as business personal property insurance and includes everything from office equipment (such as computers, phones, and light fixtures) to furniture (desks, conference tables, filing cabinets), and more.
Loss of business income insurance is also wise to protect your company if you’re forced to close the doors for an extended period of time due to natural disaster and other reasons.
3) Cyber Liability Insurance
In an era of hacking, cybercrimes, data theft, and technology-related criminal activity, protecting your company’s digital assets is paramount. Especially if your business stores private information on customers and clients, you have a responsibility to keep this data safe and secure.
Some business owners believe cyber breaches are covered by a commercial policy. The fact is, this only provides a small safeguard. Larger tech hacks can exceed the limit provided by it. That’s saying nothing about possible lawsuits stemming from potential data breaches.
It’s wise to discuss with a trusted and knowledgeable insurance agent skilled at assessing cyber risk and determining adequate coverage options.
4) Other Necessary Coverage
Avoiding pitfalls is the focus of any responsible business owner. That begins by putting into place necessary safeguards to ensure the long-term corporate health of your company. Along with the above mentioned coverage, other considerations include key person life insurance, commercial auto insurance, and more.
Since 2002, we’ve helped companies across Central Florida with all their insurance needs. We offer a variety of innovative insurance solutions, from business and commercial insurance, to construction, risk management, flood, and more. Contact us today to learn how we can help protect your business against a variety of potential threats.