Owning and operating a business is sometimes overwhelming. Business owners wear many hats, and in a rush, finding the right insurance coverage isn’t always a priority. However, without Commercial Insurance in Winston Salem NC, one big claim can ruin everything. Below are the most important types of insurance coverage for owners, businesses, employees, and customers.
Property Insurance
This type of coverage is crucial whether the building is owned or rented. If the building is owned, it must be covered to its full replacement cost; if it’s rented, the contents must be covered. Property insurance covers everything in the building, from electronics to furniture, and it protects against perils such as fire, theft, vandalism, and malicious mischief. It’s included in a standard BOP or business owner’s policy.
Liability Insurance
General liability coverage offers protection if the owner, their employees, their products, or services negligently cause property damage or property injury. Liability insurance protects businesses against claims occurring while customers are on the premises; it also covers owners against damage to others’ property.
Loss of Income Insurance
Loss of income insurance covers net profits or sustained actual losses if a business must stop operating for a period. For instance, if a business has a brick-and-mortar location that’s damaged by a fire, the policy covers the net profit the company would have made during the time it’s out of operation. This type of coverage gives an owner the reassurance that they will be able to recover.
Worker’s Compensation
Worker’s comp provides medical and wages replacement benefits to workers hurt on the job. It also eliminates the employee’s right to file a lawsuit against his or her employer for negligence. Small business owners can control the cost of worker’s comp coverage by forming a safety plan that prevents claims and minimizes losses.
Cyber Liability Coverage
As seen in recent news events, data breaches can cripple businesses. If a company stores its customers’ or clients’ sensitive information, it’s the owner’s responsibility to protect it. Cyber liability coverage pays the expenses associated with that protection, as well as the costs of making victims whole after a breach.
Running a business can be exciting, but if there’s not enough insurance coverage, it may be financially devastating. Don’t put the company at risk by having insufficient coverage. Call Darst Insurance to learn more about Commercial Insurance in Winston Salem NC.