Business or commercial insurance is something that many small business owners may not think too much about. Yet the right small business insurance policy, sometimes referred to as a BOP, can really save your business if you’re faced with unexpected damage, shutdown, or other issues that affect your company’s ability to operate normally. Here’s a look at five aspects of business insurance you may not have considered for your policy.
- Ordinance insurance covers you if you incur expenses because building codes change and you have to renovate your facilities to bring them into compliance. Rebuilding can often be costly—and unexpected, so carrying ordinance insurance makes good fiscal sense.
- If your business moves products from one location to another, you may want inland marine insurance. Yes, it sounds like it would only apply to shipping companies that transport products, well, over water. In reality, it will cover you if products that belong to a customer get damaged on your property.
- If your employees are often off site, unsupervised, or otherwise in a position where they can cause financial or physical damage, it might be worth getting them bonded. That way, if they steal from the company or even do something unintentional like running over a customer’s mailbox, the policy will cover the resulting financial loss.
- We know that doctors carry malpractice insurance, but other professionals need it as well. If making a mistake could cause financial damage to your client, you definitely need malpractice insurance. It covers damages caused only by intentional wrongdoing.
- For lesser errors that cause damage, such as typos and others mistakes that weren’t deliberate, errors and omissions insurance is sufficient. Most businesses will want to carry some level of errors and omissions insurance.
If you’re not sure if your business is sufficiently covered, talk to a reputable insurance agent you can trust.
