SMALL BUSINESS INSURANCE

We understand the tough challenges you face every day as a business owner. No matter which industry you are in, there are inherent risks involved in the nature of the business, and at times, the losses can be catastrophic. Insurance coverage can help mitigate these losses and provide a buffer for financial disaster.

Small Business insurance protects your business against the financial risk of theft and damage to your tools or equipment, claims of poor workmanship or advice, or if you damage a third-party’s property or injure someone. The three main types of business liability insurance cover legal costs and any successful compensation claims made against your business.

A combined business policy may include all these as well as standard property coverage for your business.

EPLI or Employment practices liability insurance protects employers against claims made by their employees regarding discrimination, wrongful termination, harassment, and other employment-related issues like failure to promote an employee.

While larger corporations and businesses may have an onsight legal department or may have a legal fund in case of a lawsuit, small businesses don’t usually have any of this. If there is a lawsuit, they are on the hook to pay all legal fees and may have to pay a large retainer fee upfront to hire a lawyer.

E&O insurance is a form of liability insurance that protects a business, its employees, and other professionals against claims of negligence or claims of inadequate work. E&O will cover both court costs and settlements up to the amount specified in the policy. Most professional advice-giving or service-providing businesses require you carry E&O insurance to work.The cost of E&O insurance will depend on the kind of business you run, location, the coverage amount, and your loss history.

BOP insurance is a popular insurance policy that combines property and liability insurance coverage into one policy. BOP is most popular among small and medium-sized businesses, including retail stores, wholesalers. Contractors and restaurants.

Liability

Liability coverage on a BOP is the same as the coverage on a General Liability. A BOP policy will not protect your employees; you will need to buy a separate workers’ comp policy as required by law.

Property

A BOP will protect your building and movable property used by the business. Talk to an agent about what a BOP covers and what the policy excludes.