Hello small business owners!
I know that some of you are unfamiliar with coverage for your businesses. Do you need insurance? If you do have insurance, are you adequately covered? Well hopefully I can answer some of those questions here in this blog post. I will hit on the most common coverages, but there are many more available.
General Liability will cover your business if someone gets hurt on your premises (bodily injury) or if you accidentally damage property of one of your customers while on a job (property damage).
General Liability also covers Personal and Advertising injury. Personal injury coverage includes Libel (written defamation), slander (spoken defamation), Copywrite infringement, Invasion of Privacy, False Arrest and Wrongful Eviction.
Advertising injury includes acts that harm individuals or businesses in the context of advertising. For example, a social media post that slanders a competitor would be considered both personal injury and advertising injury, or if you use copyrighted work without the owner’s permission.
Property coverage obviously covers your building, personal property, stock, and business income.
Building and Personal Property coverage is important, but business income will cover your lost income due to a covered cause of loss that put you out of business for up to a year. BI can also cover staff compensation for those irreplaceable employees.
In this day and age Cyber coverage has become very important! Most of us do everything online from paying bills to applying for loans.
If someone hacks your email, they can send invoices to your customers and then pocket the money. One of my customers had this happen and one of their customers ended up sending $10,000 to these crooks! Thank goodness they were adequately covered and the $10,000 was paid back to the customer.
There is also Employment Practices Liability coverage that will protect you against an employee who feels they were wrongfully terminated and decide to sue you.
I hope I have answered some questions you may have about insurance for your small business. Like I said, there are many more coverages available! Please contact us for more information and if you would like to purchase protection for your business!