Most important types of commercial coverage for new businesses.
If you have just launched your company, then you need to protect your investment. One of the best ways to accomplish this goal is by securing the right business insurance. But which types of coverage should you prioritize? Here are some of the most important types of commercial coverage for new businesses.
- Business Owner’s Policy (BOP)
BOPs are great options for small businesses because they combine general liability and commercial property insurance in a single, easy-to-manage policy. BOPs offer coverage for third-party claims of bodily injury, third-party claims of property damage, product liability lawsuits, repair/replacement costs for business damage, and so on.
- Professional Liability Insurance
Also known as errors and omissions insurance, this type of coverage is essential for businesses that provide professional services. Professional liability policies offer financial protection in the event that your company is accused of making costly mistakes while rendering its services. This type of insurance is particularly important for professionals such as architects, engineers, IT professionals, accountants, consultants, lawyers, medical professionals, and so on.
- Cyber Liability Insurance
Today, most businesses have some type of digital element in their operations. If your business collects, stores, or manages customer data or conducts business over the Internet, then you face the risk of cyberattack or data breach. Cyber liability insurance is designed to cover the losses associated with a major cyberattack, including the cost of informing affected customers, restoring compromised information and identities, ongoing credit monitoring, repairing affected computer systems, and so on.
- Commercial Auto Insurance
Finally, if your business relies on company vehicles to complete operations, then you need to protect these company assets and the employees who operate them with the right commercial auto insurance. Much like personal auto policies, commercial policies offer coverage for repairs and medical fees incurred by an accident or damage event. Commercial auto policies offer higher coverage limits and more diverse coverage options than personal properties to protect the higher liability risks and more valuable assets of companies.
These are some of the most important types of commercial coverage for new businesses. Do you have additional questions about your business insurance needs? If so, then contact the experts at John E. Peakes Insurance Agency. We are ready to get you the coverage that you need today.