Protect your startup with the right commercial coverage.
When you open a business, you are opening yourself up to risk. This is why it’s so important for business owners to protect their companies with the right commercial insurance protections. But with all the coverage options out there, how do you know which policies you need? Here are some of the most essential forms of coverage for new business owners.
- Business Owner’s Policy (BOP)
BOPs are great options for small businesses because they combine general liability and commercial property insurance in a single, easy-to-manage policy. BOPs offer coverage for third-party claims of bodily injury, property damage, product liability lawsuits, repair/replacement costs for business damage, and so on.
- Professional Liability Insurance
Also known as errors and omissions insurance, this type of coverage is essential for businesses that provide professional services. Professional liability policies offer financial protection in the event that your company is accused of making costly mistakes while rendering services. This type of insurance is particularly important for architects, engineers, IT professionals, accountants, consultants, lawyers, medical professionals, and so on.
- Cyber Liability Insurance
Today, most businesses have some type of digital element in their operations. If your business collects, stores, or manages customer data or conducts business over the Internet, then you face the risk of cyberattack or data breach. Cyber liability insurance is designed to cover the losses associated with a major cyberattack, including the cost of informing affected customers, restoring compromised information and identities, ongoing credit monitoring, repairing affected computer systems, and so on.
- Commercial Auto Insurance
Finally, if your business relies on company vehicles to complete operations, then you need to protect these company assets and the employees who operate them with the right commercial auto insurance. Much like personal auto policies, commercial policies offer coverage for repairs and medical fees incurred by an accident or damage event. Commercial auto policies offer higher coverage limits and more diverse coverage options than personal properties to protect the higher liability risks and more valuable assets of companies.
This is what you need to know about commercial insurance for your newly-launched business. Do you have additional questions about your business insurance needs? If so, then contact the experts at The Schwab Agency in Colleyville, Texas. We are ready to get you the coverage that you need today.