As a business owner, you understand what goes into starting a company. You’ve come up with a business plan, conducted research, developed a marketing strategy, and secured funding. You’ve determined staffing requirements, including in-house work and outsourced support. At this point, it seems like you’ve thought of nearly everything. Have you thought about the exposures and risks that impact your operations? 

Figuring Out What You Need

Businesses of every size use insurance products to manage and mitigate their risks. Some coverages may be obvious given the type of products or services you offer, but there may be others that aren’t so obvious. A business insurance needs analysis may lead you to secure these products:

  • General liability: Covers claims of property damage or bodily injury by third parties while on the premises
  • Workers’ compensation: Pays for medical bills for workers injured on the job
  • Property insurance: Covers damages and losses to a building and the contents within
  • Commercial auto: Provides coverage for vehicle operation of company vehicles and driving for business

Other coverages you need may include cybersecurity, professional liability (also called errors and omissions), and umbrella policies to increase coverage limits as needed.

Putting a Plan Together

Getting a full picture of your exposures involves knowledge of the law and periodic risk analysis. The right insurer not only understands the way you work but also the best way to create and combine policies for an overall plan. Protect the financial health of your business with a comprehensive risk management strategy.