Roberts Insurance Group Blog
Let’s face it- running a small business can be overwhelming. Small business owners have to wear a lot of hats and become experts at just about every aspect of their business. When it comes to business insurance, it can be like learning a foreign language.
Yes, you may have insurance in place to satisfy certain requirements to be able to operate. But do you have the right coverage in place? Sadly, many business owners do not find out until after a claim is filed. And even worse, getting involved in a lawsuit or having a claim denied can put you out of business quick.
Lucky for you, we specialize in working with business owners to make sure their commercial insurance plan will work the way you want. We explore all options and put together a plan that protects everything that is important to your business to keep things running smoothly, no matter what life throws at it.
Some of the different types of commercial insurance are:
Business Property Insurance– This covers loss to a business’ building and/or property. It can cover inventory for a retail store or the computer that I am working on right now. Just about every business needs business property insurance.
General Liability Insurance– This is probably the most common type of commercial/business insurance. It gives general liability coverage if the business is involved in a lawsuit. Covering you for the damage, injury, etc of any third party or their accompanied property.
Business Owners Policy (BOP) – This type of policy is a staple of small businesses. It essentially combines general liability insurance and business property insurance into one unique policy, often accompanied with several other bells and whistles to maximize coverage. It is often much more affordable as opposed to buying separate policies and offers better coverage.
Commercial Auto Insurance– This protects your company’s vehicle(s) and provides liability protection if your vehicle is involved in an accident. Having the right amount of liability coverage is crucial for Georgia business owners. Have you noticed that there’s a personal injury attorney advertising on every other billboard, radio ad, and TV ad? That’s because there’s big money on the table. If you don’t have enough coverage, an at-fault accident can no doubt put you out of business.
Workers Compensation– This is a must have for any business that has employees or subcontractors that do not have their own insurance. This covers your employees if they get hurt on the job. If they do get hurt while performing their job duties or on the premises, your business is liable for their injuries and missed wages.
Cyber Liability– No matter how big or small your business is, you have an exposure to cyber liability. The scary thing about that is that no one knows exactly how big that exposure could actually be until a breach happens. Yes, you can be held liable for a hacker stealing client or prospect data, even if you’ve taken every possible measure to make sure that doesn’t happen. The best option is to always pass this risk to an insurance company through a cyber liability policy
Employment Practices Liability Insurance (EPLI)– If you have employees, you need to make sure you have this coverage. This provides coverage to your company against claims made involving discrimination, wrongful termination, etc.
Professional Liability Insurance- Professional liability insurance (PLI) is insurance that protects professionals against negligence and other claims initiated by their clients. Professionals who have expertise in a specific area need this type of insurance because general liability policies do not offer protection against claims or lawsuits from clients alleging negligence, malpractice, or misrepresentation. This is similar to malpractice insurance for medical professionals, lawyers, and accountants or errors & omissions (E&O) insurance for financial services professionals like myself.
If you're business isn't 100% sure if something is covered with your current plan or if you are simply interested in increasing your bottom line, click here or call us at 678-250-8133 for a no obligation, complimentary review.