At Baldwin Insurance Agency, we understand that businesses come in all shapes and sizes. We work with each client to learn the ins and outs of their company and provide the most relevant advice. We don't simply tell you which policies to get; we offer information about how each coverage would protect a specific aspect of your business. Below is a list of important policies businesses will typically get.
General Liability
This is usually the first policy that is recommended. It provides protection against property damage and personal injury. Common situations which are covered include:
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Customer slipping on the floor and suing for injuries.
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Restaurant renting property has a kitchen fire and the property owner sues.
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Roofer accidentally causes shingles to fall onto a car.
Professional Liability
People often think general liability and professional liability are the same. Actually, they are two separate policies. While general liability is focused on physical damages, professional liability covers words and promises. It can also be referred to as Errors and Omissions (E&O) Insurance. This policy protects you against claims related to services offered. For example:
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An employee gives advice to a client and they lose money.
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Customer was promised service by a specific deadline which was missed.
Workers' Compensation
Everyone has heard about workers' comp, which provides benefits to sick and injured employees. In most states, this coverage is mandated by law if you have employees. If you don't get it, you could face hefty fines and possibly even criminal charges.
Commercial Property
Commercial Property is like homeowners insurance for a business. It protects your building(s) and also equipment, inventory, and furniture. Policies commonly cover claims arising from a fire, theft, or storm.
Commercial Auto
Most businesses will use some sort of vehicle in their normal operations. It could be a work truck, delivery van, or a 16 wheeler. A commercial auto policy even protects you if you get into an accident driving to see a client in your car. It's a valuable coverage to minimize risk and keep your business afloat.
Cyber Insurance
The world is moving more and more toward a digital landscape. Every business will have some online footprint. Common situations that a cyber insurance policy would do well to protect against would include:
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A hacker takes over an important operational system and demands money for you to gain back access.
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A hacker got into your accounting system and leaked customer payment information.
Umbrella Insurance
Sometimes claims can be quite hefty and exceed your policy limits. Maybe your commercial property policy has a limit of $100K, but a customer sues you $1M for an injury. An umbrella policy is designed to protect you against excessive claims and pay out once your other policies are exhausted. So in the example above, your commercial property coverage could pay $100K and then the umbrella policy would take over and pay the additional $900K.
Key Person Insurance
Sometimes one person--or even multiple people--can be critical to the business' survival. To put it simply, if they were to pass away, the business could collapse. Key person insurance provides a benefit to the company to buy valuable time to keep the business afloat. While we typically see the owner of a small business get this type of policy, it can also be used for a VP or Director.
Contact Us For A Quote
We understand that each business is unique in how they operate, and some policies may suit your needs better than others. The scenarios listed above are common coverages for all businesses--but we will work with you to share which ones make sense for your business, and how these policies may protect your bottom line. Give us a call today for a fast and free quote!