You know that you need to have business insurance to protect your company yet understanding the exact types of coverage your company requires is another matter. You’re right when you assume that it’s impossible to predict every potential risk that your company may face. At the same time, however, you can’t allow that uncertainty to leave you exposed to the potential of a major loss.
Fortunately, we here at Simpson and Blom Insurance may have the comprehensive insurance solution that you’ve been searching for to keep you protected in almost every situation.
BUSINESSOWNERS POLICY (BOP)
A businessowners policy (BOP) is essentially a suite of separate coverages designed to protect you from liability exposures. A basic BOP includes protection against property damage and general liability concerns, as well as business income reimbursement (which pays in the event you have to temporarily cease your operations due to a covered loss). You can also build onto your BOP by adding auto insurance coverage and protection against equipment damage or professional liability and cyber security concerns.
A general liability insurance policy protects your business from claims that may arise from on-site mishaps, injuries, and property damage. Liability insurance can also help cover medical expenses, attorney fees, and damages for which you are legally responsible.
Business auto insurance protects you, your drivers, injuries that you/employees may cause to other people and damages to their property while driving. A business auto policy can also provide comprehensive, collision, uninsured/underinsured motorist coverage, medical expense and legal costs.
Worker’s compensation is vital to protect both the employer and employees. Almost every state requires companies to carry worker’s comp insurance to cover employees should an illness or injury happen while on the job. This insurance covers medical expenses and a portion of lost wages for employees who become injured on the job. Common examples of worker comp clams include a fall, injury/strain to the body from heavy lifting, or accident while operating machinery.
Being a business owner is rewarding and comes with a great deal of opportunity, but also many risks that could threaten your livelihood. Commercial umbrella insurance provides an extra layer of liability protection for you and your business against lawsuits and major accidents.
Having a commercial property insurance policy helps ensure the safety and well-being of your business. A commercial property insurance policy helps protects the building, your equipment & inventory, and outdoor items on the premises such as signage, fencing, and storage sheds/buildings.
Cyber attacks and data breaches are on the rise and can damage more than just your business, it can damage your reputation and put your employees and customers at risk. Cyber insurance generally covers the business’ liability for a data breach, help with legal fees and expenses, assist with notifying customers, recover compromised data, and restore personal identities of affected customers.
At Simpson and Blom Insurance we offer a variety of coverage options to fit your company’s needs. We understand that each business is different and there isn’t a one-size-fits all coverage. Contact Us today to learn more!