Keeping a business protected includes protecting physical property, daily operations and the health and wellness of staff. As with many other types of insurance products, there is a wide variety of options when it comes to business insurance. The following is a basic breakdown of insurance products for small businesses to consider.
- Business Owners Policy (BOP): This policy combines coverage for major property and liability insurance risks, along with any optional coverage you choose. A BOP can be customized to include business income insurance (income loss compensation following a disaster), coverage for outdoor signage, coverage for disrupted business due to computer viruses or hackers and more.
- Property Insurance: This policy covers lost or damaged property in the event of theft or disaster. Property is defined as buildings, office furnishings, computers, machinery, inventory, raw materials and anything else pertinent to operations.
- Liability Insurance: Any business has the potential to be sued for any variety of reasons. This policy pays damages for which the business is found liable, along with legal fees. Medical bills of any persons injured by or on business property will also be covered.
- Workers Compensation: Workers Comp offers wage replacement and covers medical bills for employees who are injured on the job. In the event of an employee death, compensation will be offered to the worker’s family.
- Business Auto Insurance: Similar to personal auto insurance, this policy covers business-owned vehicles.
- Employment Practices Liability Insurance: This policy covers damages (and associated legal fees) for which an employer is legally liable, such as violating an employee’s civil rights.
- Directors and Officers Liability Insurance: This policy protects directors and officers of businesses in the event that a lawsuit arises claiming that business was conducted without proper regard for the rights of others.
- Key Employee Insurance: Loosing a key employee due to illness, disability or death can cripple a business’ day-to-day operations. This policy offers compensation for such losses.
- Errors and Omissions Insurance (E&O): For businesses that provide services, this policy covers situations in which customers or clients claim performance failure. Professions that may benefit from E&O insurance include lawyers, engineers, consultants, doctors and more.
- Umbrella Policies: An umbrella policy is designed to protect a business against unusually high losses that exceed general liability limits from an underlying policy.
Build your business insurance portfolio to meet your unique needs. Call Integrity Network Insurance Group at (512) 989-6006 for more information on Round Rock business insurance.