4 Essential Insurance Coverages Your Business Needs to Have

Topics: Small Business Advice Small Business

You've worked hard to make your business successful.

How are you protecting all you've worked hard for?

As important as it is to invest and build to make your business successful, it's equally important to have the right insurance protection in place so that a single incident doesn't doom your company.

What insurance coverage matters most? There are four essential coverages you can't be without. These four coverage options will help protect your company and help you stay successful for many years.

A Businessowners Policy (BOP): Liability and Property

A businessowners policy is the foundation of business insurance — but it's not all you need. A BOP provides two of the four vital coverages: commercial liability coverage and commercial property insurance.

General Liability Coverage

General liability coverage protects you and your company in case someone sues you for damages. You might think that would never happen, but the truth is there are a variety of situations that can result in a lawsuit. And even if the lawsuit is frivolous, you must defend yourself in court.

For example, someone might fall on your business property or claim that your product or service caused them harm. Legal fees can be expensive, and if you're found liable, the costs might sink your business — unless you have insurance.

Business liability coverage will help defend you in a lawsuit and pay some or all of the damages if you're found liable, depending on your limits. It's essential to have this coverage to protect your hard work.

Commercial Property Coverage

How would you repair or replace business property if there was a fire, theft, or vandalism? And what would you do to keep your business stable if the incident required you to close your business until repairs were completed?

The answer is commercial property insurance. This coverage helps pay for repairs or replacement of business property damaged as a result of specific perils. Property coverage with AmTrust also includes income replacement if your business is closed during repairs.


Cyber Insurance Coverage

Businesses are interacting with computer networks constantly. Not only do you connect to the internet or your company's internal intranet every day, but sales transactions, customer service, and even the delivery of products and services require your employees to send and receive information over computer networks.
You might think your business is too small to be important to hackers, but the opposite is true. Smaller companies are less likely to have robust security measures, so they are more likely to be targeted by cyberattacks. Verizon found in 2021 that 46% of all cyber breaches happened in businesses with 1,000 employees or less.

With AmTrustCyber coverage, you receive a consultation with a cybersecurity response expert, a scan for cyber threats to your system, and more. We provide the expertise so that you can focus on business with complete peace of mind.

Workers' Compensation Coverage

Most states require workers' compensation coverage. Workers' compensation helps protect your company and pays benefits if employees are injured on the job.

Job injuries happen in every industry. While jobs in construction and other physically demanding work get most of the attention, injuries are frequent in office jobs as well. Common office injuries include falls, carpal tunnel issues, injuries when lifting boxes or equipment, and cuts.

Workers' compensation insurance plans pay benefits owed to these employees, such as medical care, lost wages, and even compensation for permanent disability. Without insurance, your company would have to pay those costs directly, which could have a significant financial impact.

Is Your Hard Work Protected?

You've done everything to build your business and make it successful. Make sure you protect it with just as much diligence by selecting the right insurance coverage. These four coverage options safeguard your business assets and help ensure your operations can continue after an unforeseen event.
If you're ready to get some much-needed peace of mind in today's chaotic business environment — and world — contact us for a quote today.

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