As a small business owner, you understand that your business is your livelihood. You work hard to make it successful and to ensure its longevity. However, unforeseen events can cause significant harm to your business, including financial losses, property damage, and legal disputes. That’s why having the right insurance coverage is critical for protecting your business and your peace of mind. In this post, we will highlight the key types of insurance coverage you need for your small business, and we will also introduce you to the Eckert Insurance Group, a trusted and experienced insurance agency that can help you customize your insurance policies to your unique needs.
What you need to know :
- Business property including building, contents, computer’s, etc. Should be insured for replacement value and updated as needed.
- General Liability for bodily injury/property damage. Standard limits are $1million per occurrence and $2million aggregate. Usually can add 3rd parties such as landlords or customers as additional insureds.
- Workers Compensation insures employees for on the job injuries. Benefits payable by State Law. Rates and Premiums vary according to job classification and annual payroll.
- Business Auto covers auto liability for owned, hired and non-owned vehicles.
- Umbrella covers excess liability in increments of $1million over and above the liability limits for GL, Auto, and Employer’s Liability part of Work Comp.
- Professional Liability/Errors & Omissions covers liability for errors or omissions providing professional services.
- Directors/Officers/Management Liability covers lawsuits against directors and officers. Can include Employment Practices Liability.
- Employment Practices Liability covers lawsuits from employees like wrongful termination, sexual harassment, discrimination and others.
- Cyber/Data Breach/Network Security covers 3rd party liability for data breach and other related exposures. Can include 1st party expense coverage.
Small Business insureds should work closely with their local agent to best customize the policies they need at affordable premiums. Policies should also be reviewed on a regular basis to keep the coverage updated.
David Miller, CPCU, AAI is Senior Vice President/Shareholder with Eckert Insurance Group, a Trusted Choice, Independent Agency serving Central Texas clients for 50 years since 1966.
If you have questions, need a review or want quotes, contact David at firstname.lastname@example.org or cell/text 512.656.2852.