Opening your own business and working on something you’re passionate about daily is part of the American dream. But, if you don’t have the right insurance policies in place, you could put your entire business at risk without even realizing it.
According to Insurance Journal, 75% of businesses in the U.S. are underinsured, leaving them open to possible financial disaster.
Commercial insurance policies in Bucks County are crucial to protecting everything you’ve worked so hard to build. These policies are especially vital if you’re running a business that operates independently.
When shopping around for commercial business insurance, it’s essential to do your research and figure out what policies will best protect your company. Like most things in the business world, purchasing the right type of business insurance isn’t a one-size-fits-all situation.
Educate yourself on all the different types of business insurance so you can better protect yourself and your employees.
Commercial Property Insurance
You need property insurance if you have a building or other property that your company uses. Commercial property insurance covers damage and destruction of property from things like fire, windstorms, and vandalism.
This insurance provides coverage for business-owned buildings, supplies and equipment, furniture and fixtures, and all inventory items in stock at any time. Commercial property insurance costs rely on several factors, including location, the value of assets covered by your policy, and the deductible amount.
Cyber Liability Insurance
In today’s modern age, many businesses are now holding onto a lot of sensitive data, making the need for protection from cyber attacks more vital than ever before. Cyber liability insurance will cover any losses you incur if your information is compromised or there’s a breach.
For instance, if your data is breached, you could have to pay for credit monitoring services and other expenses related to notifying customers someone stole their data. The cost of these services can quickly add up, but with cyber liability insurance, you won’t have to worry about paying for them out-of-pocket.
The cost of a cyber liability insurance policy depends on how much revenue you generate, so higher-earning businesses may pay more.
Workers’ Compensation Insurance
The law requires any business that employs workers or contractors to carry workers’ compensation insurance. This coverage ensures that you, as an employer, are legally covered if a worker is injured on your property or while working elsewhere.
For example, workers’ comp insurance will cover an employee’s hospital bills if they slip and break their leg at work. Workers’ comp is also an incentive for employees because it lets them know they are financially taken care of if they are injured on the job.
The cost of paying out-of-pocket for an employee’s injury can be astronomical and potentially fatal to your small business. Be sure to purchase workers’ compensation insurance to ensure your employees are taken care of and your business is protected.
General Liability
If a customer slips on your sidewalk, hits their head on hanging equipment, or gets sick from your food, they may seek financial compensation. General liability insurance protects your business from going under if something happens to a customer on your property and they decide to sue.
Additionally, if you do not own the building you are running your operations out of, general liability insurance can also protect you from being held liable for damages to the property you are renting.
For these reasons, general liability insurance is a must for businesses of any size.
Business Interruption Insurance
Business interruption insurance covers lost income due to events outside your control, such as a fire or flood. If you’ve invested a lot in building your business, purchasing a comprehensive package that includes business interruption insurance could save you from future headaches.
Business owners are often surprised by how quickly these incidents can occur, so consider opting for an all-risk policy. Such a policy will help protect against floods, fires, and other natural disasters like hurricanes, tornadoes, and blizzards.
This type of commercial insurance is also helpful if you’re operating on a tight budget and need to scale back on spending. Without it, there could be severe consequences if your business closes its doors temporarily — or even permanently.
Commercial Auto Insurance
If you use vehicles for anything more than commuting, you need to have commercial auto insurance.
This coverage will protect your company from personal injury claims if you are ever involved in an accident with a rental vehicle or another company car, as well as pay for repairs if you are involved in an accident.
Additionally, your policy should include uninsured/underinsured motorist coverage and bodily injury liability. These policies help protect you against lawsuits from injuries caused by drivers who don’t carry adequate insurance.
Crime Coverage
Theft and vandalism are a part of life, especially in retail spaces. You must purchase commercial crime coverage to prevent such things from harming your bottom line. This coverage protects your business against customer theft, employee theft, and fraud — amongst other things.
Such fraudulent activities include embezzlement or check kiting — when employees take money from their employer’s account for personal use.
Purchasing crime coverage helps to ensure your business is fully protected in almost any situation.
Freedom Insurance Group, Inc. Offers Commercial Insurance in Bucks County, PA
Whether you’re first opening your business or already established, navigating all your insurance options can be daunting. As a Pennsylvania business owner, part of your duties includes protecting your business and employees from harm.
Freedom Insurance Group has over 50 years of experience helping Pennsylvania business owners protect their assets. Our team of experts reviews your policies to ensure you’re getting the best deal on your coverage.
Contact us to learn how we can help to protect your business.
