4 Policies You Should Have in Your Business Insurance Program at the Outset

March 30, 2020 Blog

Guidance from the Team at the Business Insurance Center

Starting a new business is exciting, especially if you have been planning it for quite a while. You probably have your website up, social media accounts created, storefront all decorated, and insurance policies bought. You do have protection for your assets, don’t you? Some new entrepreneurs may think they don’t need coverage this early in the process, but in fact, now is the best time to obtain the necessary policies.

Get help in finding the best business insurance program for your specific industry. The experienced brokers at the Business Insurance Center stand ready to aid you. We work with a variety of business types across a wide range of industries. We can find you the best protection at reasonable rates.

4 Types of Business Insurance When You Are First Starting Out

As your company grows, you will want to expand your coverage. Until then, consider these four policies when you start:

  1. Business Owner’s Policy. This policy, often called BOP for short, gives you protection found in a general liability and a commercial property insurance policy. It is bundled together to provide coverage for:
    • Third-party claims of bodily injury or property damage
    • Lawsuits for product liability
    • Medical expense claims of third-parties
    • Theft, vandalism, and destruction of business property
  2. Professional Liability or Errors and Omissions. The name may change depending on the industry, but the importance is the same. This safeguards you in the event of a claim from a mistake or failure to provide adequate service. If you are an architect, engineer, IT professional, accountant, or consultant, you should consider this type of protection.
  3. Cyber Risk. One area that is growing exponentially is cybercrime. More and more small businesses are targeted for any sensitive information they store, including client emails and account numbers. One hit from a cyberattack could leave you reeling for months.
  4. Commercial Auto. It does not matter if you have one or ten vehicles; your personal auto insurance will not cover commercial uses. Make sure you don’t lose your profit by spending money frequently on fixing your company car instead of getting a policy designed for its protection.

Start on the Right Foot – Business Insurance Center is Here to Help

Go ahead and keep working toward your business ownership dreams. Stop by or call and speak with the team at the Business Insurance Center about the types of policies best suited for your new venture. We are happy to sit with you and discuss your needs and requirements. Then we will develop a tailored business insurance program that will help protect your company’s property and future growth. We work with a wide range of industries and understand the nuances of each. Let us assist you today.

Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator to answer your questions about business insurance programs. 

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