As a business owner, you probably already have a Business Owner’s Policy (BOP) to provide protection for your property, Liability coverage for third parties, Workers Compensation for your employees, Auto coverage for business vehicles as well as health insurance.
There are some other coverage’s that you may be over looking to offer the optimum protection.
1. Business Interruption Coverage-What happens if your business experiences a catastrophe? In order to have the funds available to continue to run your business and to pay your employees during this time, you will want this coverage.
2. Employment Practices Liability Insurance-This coverage protects against employees making claims for discrimination, sexual harassment, wrongful termination, or some other alleged wrong. Having the funds to pay for damages resulting from such claims would come from carrying this coverage.
3. Errors and Omissions Coverage-This coverage protects from claims by clients that your business performed negligently or failed to do something they should not have done. This coverage is not limited to Doctors and Lawyers, just about anyone in business can obtain errors and omissions (E &O) coverage.
4. Personal Umbrella Policy-If you are a sole business owner or a general partner, be aware that your assets can be attached to any debt the business acquires. You will want extra protection for this and that can be offered with a Personal Umbrella.
5. Workers Compensation and Disability for Yourself-Most states do not require this coverage for business owners and partners. New York State does not, but it does require a Corporation to cover employees Workers Compensation and Disability. This gives you an added measure of protection if you are injured on the job.
This is a brief overview of some additional business coverage’s that you should be carrying. If these coverage’s have not been discussed with you when setting up your current policy, this is probably a good time to review your coverage.
C.H. Edwards, Inc. has experienced and knowledgeable specialists in the area of Commercial Insurance that can assist you in creating a policy that best fits the needs of your business. Give us a call today at 516-249-5200, and put the future of your business in our hands!
Written by: Denise Visco