Owning a business is a huge responsibility. Unforeseen incidents can occur, and recovering from them can be financially burdensome. As a business owner, you are responsible for aspects like daily tasks and business functions, and you’re also expected to maintain a safe and healthy work environment. Having the right insurance coverage for your business can be an excellent way to take precautions if a business-related accident occurs.
What Insurance Should I Have?
There are several insurance policies to consider if you’re a business owner. Having the following insurance coverages can be a great way to prevent or recover from any hindrances that might occur at your place of work:
· Commercial property insurance can help cover replacement costs and provide actual cash value, which is the repair cost minus depreciation related to the property, such as weather damage or fires.
· General liability insurance typically functions by covering bodily injuries or property damage that occur as a result of your company’s products or services.
· Employment practices liability can assist by covering wrongful acts that occur during the employment process, such as discrimination, wrongful termination, sexual harassment or retaliation.
· Workers’ compensation is required in most states and will typically kick in if an employee experiences a work-related injury or illness.
· Cyber liability insurance can protect your business from a cyber attack or interruption that can cause a loss in data, revenue and trust between you and your customers. It might be something to consider if your business relies on an online platform to operate.
· Commercial auto insurance can help by covering any accidents that occur to a company-owned vehicle if an employee is at-fault for the accident.
· Professional liability insurance, also known as errors and omissions (E&O) insurance, can protect your business against claims that a service you provided caused a client to suffer due to a mistake on your part or because you failed to perform a service.
While the above coverages are among the most common policies acquired by small businesses, it’s essential to learn more about other potential coverage options by contacting The Meyer Group, Inc.
Contact Our Agency
If you are a small business owner near St. Louis, Missouri, learn more about potential insurance policies for your organization by contacting the agents at The Meyer Group, Inc. today at 314-961-7077.