Building a business requires extensive capital and hours of work, all of which could be wiped out by an unexpected catastrophe. Depending on the industry you’re in, a serious storm could wipe out thousands of dollars of equipment or a hacker could expose your clients’ confidential information to data thieves across the internet. To protect against these risks, you need a business insurance policy that’s designed to protect against a variety of perils.
What Type of Business Insurance Should You Get?
1. Liability Coverage
If one of your employees causes an accident in which someone is injured or a defective product hurts a customer, the resulting lawsuit could put you out of business permanently. Business liability insurance will cover the cost of any valid claims, along with any legal expenses you incur mounting a defense.
2. Cyber Liability Insurance
Most small businesses lack the resources for sophisticated firewalls and a full-time information technology department, making them a target of cybercriminals. If your system is hacked, your business insurance policy should pay for any damage to your hardware and compensate your customers for any losses they’ve experienced.
3. Property Coverage
Restaurants, contractors, and manufacturers need specialized equipment to operate, which may cost tens of thousands of dollars. Fortunately, business property protection will compensate you for any damage to your tools, inventory, or location caused by a covered event.
4. Workers’ Compensation
Most states require companies to carry workers’ compensation to protect employees who are injured on the job or develop work-related medical conditions. Without it, you may face fines and penalties, in addition to expensive personal injury suits.
No two businesses are alike, which is why you need an insurance policy tailored to your individual needs. The agents at Stautberg Financial Group have provided high-quality business insurance policies to clients throughout Ohio, Kentucky, and Indiana since 1975, earning a reputation for trust and attention to their clients. Visit their website for a closer look at their business insurance services, call (513) 821-6300 to request a quote, and follow their Facebook page for tips and advice.