One single accident can crash your business before you ever even get started. However, your financial future can be protected with the right business insurance policies. We are going to go over a few basic policies to protect and safegaurd your new business.
Professional Liability Insurance
If you have made a mistake in the offering of services to someone, personal liability coverage will cover you and your business. This policy will reimburse rising legal costs associated with negligence, malpractice, omissions, errors, and other mistakes that can happen in the process of conducting business. There is even an O&E (omissions and errors) policy that is recommended for fields such as medical, legal, consulting, accounting, real estate, insurance, engineering, and architecture. You would need a separate policy for liability of defamation, cyber attacks, and bodily injury.
Business Owners Policy
BOP combines liability insurance AND property insurance in one policy. This fully customizable policy protects your business against natural disasters, fires, theft, injuries, and damage to your property. You can even protect yourself from product claims and loss of business income.
Commercial Vehicle/Auto Insurance
Whether you have one vehicle or an entire fleet, an auto accident can dip into your company funds in a bad way. Having the right insurance can protect you from bodily injury, property damage, natural disasters, theft, vandalism, and accidents. Cover all of your business vehicles including food trucks, pickups, vans, cars, and service utility trucks.
Commercial Property Insurance
This policy is also refered to as business property insurance. This will cover damage or loss to your office or building and cover contents like equipment, supplies, records, and data. Natural disasters, burglary, and theft can all happen at any time to your business. Burst pipes may damage your property and equipement used to condust business. Having this policy offers an added layer of protection.
Workers Compensation Insurance
Operating a business is no turkey shoot, especially if you have employees. You absolutely have to carry workers compensation insurnace to protect yourself from lawsuits and fines. This policy reimburses costs related to work place injuries and illnesses. There could be serious financial consequences for running your business without having a workers comp policy.
To learn more about how to protect your business, contact the Oklahoma Insurance Connection today.