You’re focused on running your day-to-day business: sales, marketing, people, technology—managing, improving, growing, moving, shaking…
Unfortunately, unforeseen incidents can disrupt your momentum and reputation and should be mitigated. So how do you protect all your hard work and make sure your business continues to thrive?
To maintain the confidence that keeps you shining, it’s a smart idea to put together a thoughtful, comprehensive insurance strategy. If insurance expertise isn’t among your many talents, you’ll need help determining the business insurance coverage, or coverages, best suited to your unique needs.
A logical place to start is with a Business Owner’s Policy (BOP), which includes fundamental general liability and property coverages your business needs to operate with full confidence. Not all BOPs are created equally, so understanding the most important components and considerations, outlined below, will help you choose the best BOP for your business. Here are some basic coverages:
What if you’re a boutique financial services firm hosting one of your most important clients for an annual performance review, and on the way out of the conference room the matriarch of the family’s fund trips over a small imperfection in your office carpet resulting in a dramatic fall and serious injury? In this highly unfortunate situation, you’ll be glad to have a general liability policy covering any resulting claims and expenses—of both the medical and damaged personal varieties.
Employment Practices Liability Insurance (EPLI)
Your business is built on strong relationships and your recommendations are valuable currency, but things happen. What if one of your employees attending an annual offsite overserves himself at the bar and reveals highly confidential, competitive information to a group of people at dinner? And what if his indiscretion causes a client to lose business and seek damages for compromising their company? EPLI to the rescue. You won’t be financially impacted by any claims associated with your former employee’s imprudence.
This one can happen to anyone. What if one of your consultants delivers her final recommendations based on credible data sourced from a government agency and your client makes a significant investment based on your firm’s guidance? But soon enough, however, the government agency issues a correction to the data, acknowledging that a critical number was transposed by a disengaged data entry clerk. The client is furious and sues you, seeking reimbursement for their worthless investment. A professional liability policy would protect you against the financial impact of a suit that could very easily shutter your business.
What if your business transports goods and equipment from place to place and leaves it at locations you don’t own or lease, like taking a very expensive prototype of your product on a roadshow? An Inland Marine policy would come in handy when that well-meaning but clumsy prospect accidentally spills coffee on your pride and joy, destroying the only working version you have. Inland Marine would help you avoid messy lawsuits and broken relationships by recovering your investment and getting back to business.
You’ll feel confident in your coverage with our trusted insurance partner, AP Intego helping you deliberately think through and mitigate the risks specific to your business. Click here or call (888) 289-2939 to learn more.
The SmallBizRising Blog is designed to be an educational content hub pulling information, best practices and practical advice for the small business owner and features topics including accounting, marketing, technology and more. Be sure to subscribe to stay up to date with new content as it is posted. The blog was created by The Neat Company and receives contributed content from a group of contributing companies that provide technology, services and solutions to small businesses.