A standard business owner’s policy (BOP) bundles two essential types of insurance: commercial property insurance and general liability insurance. While a BOP is a great way to lower business insurance costs, it only covers the basics of a business, including general liability, business interruption, and property damage. Therefore, you need additional insurance coverage to protect your business’s adequality.
Here are six policies to get in addition to BOP:
Driving for Business Reasons
The BOP doesn’t protect you when driving for business purposes. Your personal car insurance also won’t protect you when you’re driving for your business. If you’re involved in an auto accident while driving to meetings, making deliveries, or buying supplies, or you’re liable for bodily injury or property damage, you can only count on commercial auto insurance to protect you.
Professional Mistakes in Service-Based Business
As a professional, you’re hired for your knowledge and experience, but you can still make errors when offering your services. If yours is a service-based business, you should protect yourself against liabilities resulting from professional mistakes. Your client may sue you if your professional error leads to them losing money or reputation. To protect your business, you should carry professional liability insurance.
Most businesses now have an online presence. You could be taking payment information or orders online. Or maybe you use an online form to get personal information from your clients. Your business computers likely host information about your clients, employees, and vendors. It’s your responsibility to take care of all this data which can easily be leaked or stolen. Therefore, you should carry cyber liability insurance to protect your business in case of data breaches.
You’re legally required to provide your employees with certain protections. If your employee is injured or becomes sick due to their work, you’re liable for their medical costs and death benefits. You’ll also need to cover workers’ lost wages as they recover from a workplace injury or illness. You should therefore protect your employees and business by buying a workers’ compensation policy.
Benefits for Your Employee
If you want to provide benefits like life and health insurance to your employees, your BOP won’t help you. In this case, you need to buy life and health insurance. Providing employee benefits can help you attract as well as retain the best talent. Your insurance agent can help you get this coverage as well as workers’ comp and commercial auto. You don’t need a separate insurance agent for each policy.
Big Liability Claims
When you get an insurance policy, say a BOP or any other policy, you opt for a coverage limit that suits your business. However, this limit may be inadequate in some cases. This is where commercial umbrella insurance comes into play. A commercial umbrella policy will give you additional liability protection on top of what’s provided by your insurance policies.
How Pittman Insurance Group Can Help
While purchasing a BOP is an essential step toward protecting your business, a BOP won’t protect you and your business from all the perils you might face. This is why you should work with an insurance agent to evaluate your unique insurance needs and then get insurance policies that adequately protect your business. At Pittman Insurance Group, we can analyze your insurance needs and help you find insurance policies that suit your budget. Contact us today.