Every business needs to consider several types of insurance depending on the nature of the business. You may want to consider working with an insurance professional to make sure you have the right types of policies to provide the coverage you need.
Many businesses provide health insurance as part of their overall employee benefits program. The cost of health insurance continues to rise and you may want to consider having employees pay a portion of the cost. If you have a small business with only a few employees, you may want to look in to a group plan to cover employees and their families. By being part of a group and having employees contribute a portion of the cost, you may find it is not much more expensive than getting personal health coverage. You may also be able to improve your coverage in this way.
Just about every business should have insurance to cover the loss or damage to property, inventory or equipment. Premiums vary according to the type of property, coverage limits and what you insure against. If you have electronic equipment (such as computers), be sure to investigate how your policy works in case of damage to the files (power outages or surges) as well as damage to actual equipment. Backing up files and storing them in a secure, off-premises location is very advisable as well.
Business Interruption Insurance
You may want to investigate insurance that would provide benefits if you were no longer able to conduct business in your usual fashion. These policies vary greatly in cost depending on what is covered. However, you may want to consider what would happen if you could not occupy your location in case of disaster.
This insurance covers damages you pay as a result of your actions or negligence, or if someone is injured while at your business. Everyone has heard of the large damages awarded when a customer slips and falls because the business did not melt the ice in front of the door. Be sure to discuss this type of coverage with a qualified insurance professional to make sure you are adequately covered. The trend toward large jury awards appears to be here to stay.
Workers' Compensation Insurance
This insurance provides coverage for medical and related costs for accidental injuries suffered by employees at your workplace. The amount of coverage required varies by state.
If you use an automobile, even if it is your personal vehicle, you may be required to have a commercial auto insurance policy. If you are a sole proprietor and use your car, be sure to discuss this with your auto insurance provider.
The typical cost of umbrella insurance is generally low. This coverage fills in the gaps of your other policies or provides additional coverage once the original policy limits are exceeded. This can be extremely valuable in case of large losses. Many companies offer these policies and you may find that one of your professional organizations has a relationship with an issuer that will keep your cost low.
Most businesses need more than one type of insurance coverage. Spending some time reviewing what is needed and how the policies can be structured for your business is probably a good use of time and effort. Managing and growing a business is hard enough without having to worry about not being covered if unforeseen events occur.
SB One Insurance, a wholly owned subsidiary of Provident Bank, offers insurance services and is ready to serve your business insurance needs. SB One Insurance has been providing businesses and residents of New Jersey, New York and Pennsylvania with a complete portfolio of insurance products for more than 60 years. They represent more than 20 of the country’s most respected and highly rated regional and national insurance carriers, affording them the opportunity to balance comprehensive coverage with competitive rates. What’s more, they take a proactive approach with their clients, working to develop the right program to address your firm’s specific needs with tailored insurance plans and services.
Let SB One Insurance’s professionals provide best-in-class insurance solutions tailored to meet your needs. Give them a call at 888.990.0526 or visit our website for a free consultation and quote at https://www.sboneinsurance.com.