Your business is special. Your business is unique. You work countless hours making your business better. How are you protecting your investment in your business?
Each industry has unique hazard exposures that you must consider and against which you must be protected. Develop a worst-case scenario and determine which losses you can prevent or mitigate. Then, obtain insurance for the risks you may not be able to avoid.
GENERAL LIABILITY INSURANCE
Provides both defense and damages if you, your employees or your products or services cause, or are alleged to have caused, bodily injury or property damage to a third party.
PROPERTY INSURANCE
Provides building and business personal property, including office equipment, computers, inventory or tools, protection from fire, vandalism, theft, smoke damage etc. You also may want to consider business interruption/loss of earnings insurance coverage to protect your earnings if the business is unable to operate.
COMMERCIAL AUTO INSURANCE
Protects a company’s vehicles and vehicles that carry employees, products or equipment.
WORKER’S COMPENSATION
Provides wage replacement and medical benefit payments to employees who are injured on the job.
PROFESSIONAL LIABILITY INSURANCE
Provides defense and damages for failure to render or improperly rendering professional services and is critical for professionals such as lawyers, accountants, consultants, agents and any profession providing services.
DIRECTORS AND OFFICERS INSURANCE
Protects the directors and officers of a company against their actions that affect the profitability or operations of the company.
DATA BREACH COVERAGE
Provides protection in the event of data loss of sensitive or non-public information and all of the compliance requirements and legal action necessary following a breach.
COMMERCIAL UMBRELLA INSURANCE
Provides an extension to an already existing insurance policy and covers beyond the regular policies.
There may be other coverages specific to your type of business, but this is a good start.
Angelyn Treutel Zeringue is president of SouthGroup Insurance Services, a CPA, PWCAM, CBIA, and licensed Trusted Choice Insurance Agent. Reach her at (228) 385-1177, www.southgroupgulfcoast.com, or azeringue@southgroup.net.
