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New Year Insurance Considerations & Additions for Your Small Business

By December 3, 2021December 6th, 2021Personal Insurance, Small Business

As a business owner, it’s important to understand that no matter how small your business is, having insurance to protect your company and your employees is crucial. However, knowing where to start and the amount of coverage you should have can be a difficult decision. Here, the professionals at Unity Insurance discuss the types of coverage to consider for your small business and additional coverage that your business could benefit from.

General Liability Insurance

The unfortunate reality for any business is that no matter how much you limit risks, you can’t prevent all accidents from happening. General liability insurance protects your business from third-party lawsuits including personal injury, property damage, defamation and misrepresentation.

Commercial Property Insurance

Commercial property insurance protects your company’s physical location as well as your other assets including tools, materials and equipment, inventory and any other physical goods. Commercial property insurance comes in handy in the event that assets are stolen, damaged or destroyed.

Business Income Insurance

Business income insurance is coverage used to help you recoup lost revenue. Revenue lost as a result of factors like weather or natural disasters that affect your company’s ability to operate normally can be recovered through business income insurance. In addition to that, unforeseen events such as theft that force your business to close temporarily can also be recouped as part of your coverage. 

Workers Compensation

Employees injured on the job or in car accidents while on company property are covered by workers compensation insurance. Workers compensation also covers work-related illnesses, should they result in medical expenses, time away from work and lost wages. In addition to medical expenses and lost wages, workers compensation can include disability benefits and funeral expenses. 

Commercial Auto Insurance

If you provide company vehicles to your employees, you will want to obtain commercial auto insurance. If you or your employee is in an accident in a company vehicle, commercial auto insurance will cover the damages if you or your employee is at fault. 

Professional Liability Insurance

Professional liability insurance, also known as Errors & Omissions Liability Insurance, protects any company that provides advice, offers informed suggestions, creates solutions, or represents the needs of others. This type of insurance covers most professional service providers such as accountants, financial advisors and law offices. 

Cyber Liability Insurance

Cyber liability insurance protects your business against the expenses associated with a data breach. Customer information may be stored on business computers and other technology so it’s important to purchase protection in the event that your business’s technology is compromised.

Business Owner’s Policy

A Business owner’s policy (BOP) combines commercial property and liability coverage into a single policy. This policy is a great option for small business owners to get them off to a solid start in terms of safeguarding their company.

Let Unity Insurance Help You Protect Your Small Business

Our full-service insurance professionals can help you discover coverage gaps, find methods to save money and protect your assets. Plus, we offer exclusive access to tailored policies for your business with specialized coverage and low costs. Contact Unity Insurance today to learn more about how we can help you protect your small business.