Types of Business Insurance Policies You Need with Lookup Workers Compensation Class Codes
Different businesses will have different insurance needs. Many factors will determine the needs and costs of your insurance policies. When deciding on which coverage to get, you should take the following into account:
The nature of your product/service
The risk profile of your industry
How much and what kind of property do you own/lease
The number of employees
Planned and projected growth
Your revenue
However, there are a number of core insurance policies that most business owners should obtain in order to mitigate and transfer risk:
Workers Compensation: This is a policy that will provide benefits if your employees are injured while working. Workers comp is typically compulsory in most states, with the exception of Texas.
Commercial General Liability Insurance: General liability insurance covers third-party lawsuits alleging property damage or bodily injury. It will pay for associated legal costs and medical costs as well as cover eventual settlement monies.
Commercial Property Insurance: This policy will protect your property, including the building your business is based out of and its contents. It will cover assets, equipment, and personal property used in the business from perils of fire, theft, and natural disasters. Additionally, commercial property insurance can often be extended to protect from loss of income caused by these perils.
Business Owners Policy (BOP): A policy that includes three basic insurance coverages; commercial liability, commercial property, and business interruption. A BOP allows you to bundle these three popular coverages and save money.
As your business grows, you’ll need to broaden your insurance program to cover additional risks and extend the limits of your coverage:
Commercial Auto Insurance: If you or your employees use a vehicle for business, it probably won’t be covered under personal automobile insurance. Commercial auto insurance will extend auto coverage to business operations. More about Lookup Workers Compensation Class Codes
Employment Practices Liability Insurance (EPLI): Any business with employees should look into EPLI. It will protect you from employment-related claims such as sexual harassment, discrimination, wrongful termination, failure to promote, etc. EPLI claims are growing in number and severity, and being properly protected from them can prove to be a wise investment.
Errors & Omissions (E&O) Insurance: Errors & omissions coverage will protect your business if you’re sued for damages that your services may have caused. Any business that provides professional services to third parties (lawyers, accountants, consultants, etc.) should consider purchasing this policy.
Directors & Officers Insurance: D&O insurance is important for any business that has a board of directors or has raised venture capital. It will protect the leadership of your company from lawsuits alleging breach of fiduciary duty, misrepresentation, or errors & omissions. In such cases, board members and senior officers can be exposed to management liability risks. Companies seeking venture funding will be required to secure this coverage as most VCs will require a seat on the board of directors and will want to know that their personal assets are secure. Additionally, attracting qualified members to sit on a businesses’ board can be very much linked to the coverage that your D&O insurance offers candidates.
Key Person Insurance: Key person insurance is basically a life insurance policy on a person crucial to the success of the company; a top-level executive or a critical employee whose death or disability would be a major setback for the business. Key person insurance will ensure that the business is financially protected from the negative consequences of their passing and will also cover the costs of finding a suitable replacement.
Commercial Crime Insurance: Crime insurance will protect you from crime-related losses that other policies don’t cover. Whether it’s crimes committed by someone from outside of the business or your employees, commercial crime insurance can help protect your company from significant losses of money, securities, or property lost due to criminal activities.
Cyber Insurance: A cyber insurance policy enables business owners to transfer costs associated with cyber-related attacks and data breaches. It will cover first-party costs such as computer forensics to find out why the breach happened, notification of potential victims, credit monitoring services, and public relations handling of the potential fallout. Cyber coverage will also protect your business from third-party claims of financial injury resulting from the data breach. Preferred insurance policies will cover both first and third-party damages and should be combined with your E&O policy and more traditional types of related business insurance, such as commercial crime insurance, to ensure complete coverage.
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