The truth is, ALL businesses face risks. Every business' risk factors varies upon the type of business you are running. S.E. Benchmark is here to help you understand each risk and help you protect your small business.
What Is Commercial Insurance?
Commercial Insurance is designed to protect your business, including business owners and employees. Many business insurance policies include basic coverage such as property, liability, crime and commercial auto insurance, as well as other optional insurance, such as business interruption insurance, equipment breakdown insurance, and workers compensation. Add Cyber Insurance Employee benefits such as dental, vision, disability and group life insurance also fall under commercial insurance, as do surety bonds which help ensure that contractors stick to the terms of a construction contract and/or follow governmental rules and regulations, as well as protect against losses stemming from a court decision or employee theft. Let me break this down for you a little more.
Regardless of your industry, product line, or service offering, your small business faces liability risk. The most common liability risks include physical damage, bodily injury, and failure to meet contractual obligations. Commercial General Liability (GL) insurance covers accident-related damages that your small business may be found legally liable for. A GL insurance policy also protects the company and its employees, wherever they are doing business.
Commercial Auto Risk
Commercial Auto insurance protects companies when personal or company vehicles are used for business purposes like taking the team out to lunch, making a delivery to a customer, or traveling for an appointment or meeting.
This policy protects the business premises and all the contents inside of the building, also additional coverage for loss of rent. Therefore, it is wise to purchase the property policy regardless of whether you own the commercial building or you are renting. Without the policy, you may end up paying a lot of money-out-of-pocket or even close shop in case of pricey lawsuits.
Employers are required to carry Workers’ Compensation to cover medical bills and death benefits for their employees in case they get injured or die while at work. The policy will also protect your business against lawsuits. The Workers’ Compensation policy comes in handy when the employee needs to be paid for lost wages or other hospital bills until the employee is fully compensated for his or her losses.
Business Interruption Risk
Sudden and unexpected events can impact the ability of your business to continue operations. A natural disaster that wipes out infrastructure and utilities means your storefront can’t open its doors to customers. An accident or a disaster could cause a temporary pause in operations for repairs. Without a Business Interruption (BII) policy, a temporary closure could seriously or permanently impact your business. BII policies cover lost income and operating expenses while your business is closed or can’t operate.
Cyber and Data Risk
Cyber threats and data breaches are increasingly common. More and more business operations are conducted online. For technology and internet based businesses, cyber and data risks are extensive. Every business that accepts credit payments, stores records, or uses email marketing is exposed to cyber liability. Cyber Liability insurance policy covers first and third-party cyber-related threats and expenses including data breaches, legal defense costs, notification costs, and system disruption.
Don't allow these risks to be the cause of your precious small business from going under. Protect your investment at all costs and let S.E. Benchmark Agency lessen the risks for you so you and your business can thrive!