Your business is a coordinated, well-run machine of people, processes, products and services. But whether you are a small business with just a few employees, or a large company with hundreds of employees, there is risk in your organization. Sometimes insurance limits needed for your business are dictated by others; landlords, clients, bids for work, etc. Often, businesses comply with the “cost of doing business” needs, but don’t take the time to consider what is at stake for them?
Buying the cheapest insurance can be an incredibly costly decision. Being underinsured risks everything – not just your business, equipment, and your house, but your children’s well-being and your permanent peace of mind. Being over-insured is a bad idea, too. It locks up money you could use to grow your business. Talk to someone who understands what running a business is about.
For example, how would it affect your business if:
- an employee sues you over wrongful termination
- a disgruntled employee (or outsider) steals your data
- an employee is injured while working for you in their own home or gets hurt at work
- a client sues you over a billing dispute
- your product or service caused someone serious injury
- your office burns down and you lose equipment, records, and your employees can’t work
Goldsborough Insurance works with our clients to understand their business, and protect them by managing their risks; both through insurance policies and by helping the business owner decide how to manage an exposure. It’s not about selling an insurance policy, it’s about managing the risks to optimize and protect your business. Some common, and not so common insurance policies include:
General Liability Insurance
General Liability Insurance is a policy to cover the costs, defend, indemnify, or settle claims made against you the insured for your responsibility for causing bodily injury or property damage to someone else.
Commercial Property Insurance
Protects your business property. This can include furniture, product inventory, computers, equipment, your building or the improvements you made to leased space, the things you transport or your property at the locations of others.
Excess Liability / Commercial Umbrella Policy
Protects your business should you be found liable for a claim that exceeds the amount of coverage you have for an underlying liability policy. An umbrella policy can be surprisingly affordable, since it only has to kick in once the limits on your primary policy have been exhausted. Many business owners think of it as peace of mind insurance that makes for a good night’s sleep.
Business Owner’s Policy
This policy combines the protections of separate property and liability policies into one package, and is provided at less than the cost of the individual coverages.
Commercial Auto Insurance
Every time you or an employee gets behind the wheel of a car, whether owned by them or the business, you could be at risk. A Commercial Auto Insurance Policy provides coverage for you, your employees and the vehicles that your own, lease or rent.
Worker’s Compensation Insurance
This state mandated insurance provides coverage for work-related injuries, and provides medical, rehabilitation and lost-wages benefits for your employees. Your business is protected, as well as your employee.
Professional Liability Insurance
Protects companies and individuals from allegations of damages, actual damages and defense costs associated with a claim for acts, errors and omissions while carrying out your professional duties.
Director’s and Officers Insurance
Most simply put, this is insurance that responds to allegations and pays for damages to those who have suffered a financial loss due to the mismanagement of the organization. Often overlooked as unnecessary to small or family businesses, the claims are catastrophic and usually result in the demise of the company.
Data Breach Insurance
Your data is your most important asset, and today it is more accessible than ever. File sharing through services like Dropbox, Box.net, iCloud represent increased flexibility, but also increased risk. Although data hackers may not have you in their sights, it is routine for employees to have laptops with Personally Identifiable Information stolen from cars or hotel rooms, not to mention the paper files that are rarely secured. Data Breach Insurance coverage helps make sure that if your or your customer’s sensitive data is exposed, you can quickly take action to restore confidence and respond to the requirements of your clients, vendors and state authorities.