The 5 most common policies for small business owners to investigate
Many people think that their general home insurance policy will cover their small home-based business as well, but in most instances, they would be wrong. Don’t get caught unaware; it could cost you more than you can afford. Take a minute to understand what types of insurance could help protect your home business, employees (if you have any) and services, from claims.
Whether you are in the business of contracting, beauty / health, IT / technology, architecture, marketing or consulting, let’s talk about the type of insurance policy that is right for your business. We have the experience and expertise to understand your coverage needs.
Here are five of the most common insurance policies to look at:
- General Liability Insurance: Also known as Commercial General Liability, the policy protects the business against claims of bodily injury, property damage or damage to third-party property. This protection is absolutely critical for those who meet with clients or do work on client-property.For example, a contractor who works with heavy machinery should consider this type of insurance to protect against employee and client accidents on the jobsite.
- Professional Liability Insurance: More commonly referred to as Errors & Omissions Insurance, this policy covers claims against a business that provides professional and/or personal services.For example, an architect might consider this insurance to protect their business against any code violations that she/he was not aware of due to changes in the code policies. Or perhaps an event planner who works with a caterer that fails to live up to his/her commitment.
- Business Owners’ Policy: We refer to this policy as a general one-size fits all policy for small businesses. Acting like a combination of a General & Commercial Liability, it covers items such as shipping damage, property damage and more. It is important to note that this policy is often not as customizable as building a policy from scratch, so while it is a good starting option, it might not be your best option. Our Insurance Agents will guide you to the policy that works best.
- Commercial Auto Insurance: If your business includes the usage of vehicles, you’ll want to investigate commercial auto insurance. Do not rely on your personal auto insurance to cover mishaps that happen while conducting your day-to-day activities, you might just be left footing the bill. A Commercial Auto Insurance policy will cover expenses such as car damage, medical expenses, claims against the driver, towing and repair.
- Cyber Insurance: Protecting your online information and that of your clients’ has never been more important. As such, if you have critical and private information stores on your computer, consider Cyber Insurance. It is not just the big companies at risk… cyber-attacks happen at all levels.
Of course, we will work together to customize a policy that fits your unique needs. There is no thing as a one-size fits all policy and if that’s what you’ve been quoted, we can do better. Let’s talk about how you can protect your home business fully without breaking the bank.
About E&Y Agency
E&Y Insurance and Tax Agents are dedicated to giving our clients the products that provide quality protection and value pricing and the peace-of-mind in times of crisis. Our goal is to establish a successful partnership with our clients, our staff members, and our partner companies. Our success is measured by our clients choosing us because they believe in our ability to meet or exceed their expectations of price, service, and expertise. Call us now to talk about your insurance or tax needs!
