By Ron Rothenberger, GRCA Team of Expert for Insurance
Unsure of what business insurance your business needs?
Ron Rothenberger is the man you want to talk to.
Rothenberger recommends the following checklist of insurances to not only protect your business, but also your employees, property, vehicles and yourself.
BOP is a combination of all major insurances you need to protect your property and liability risks in one neat insurance package. But note that there are some limitations to this type of policy.
Commercial Property Insurance
Commercial property insurance is used to cover any commercial property from fire, theft and natural disaster. If your business happens to be in manufacturing, retail or service, you are going to want commercial property insurance. Even nonprofit organizations will want to consider purchasing property insurance.
Three liability insurances to consider: general, professional and products. General liability insurance helps to protect your business from normal operations-type claims. Claims might include bodily injuries, medical payments and advertising injuries.
Professional liability insurance commonly covers negligence, copyright infringement, personal injury and more. This can include issues caused by things you did and/or things that you should have done.
Do you have a product that you sell that could cause bodily injury or property damage? Then product liability insurance will help to protect your business from these claims.
Commercial Auto Insurance
Commercial auto insurance covers you and your vehicles in the case of an accident. It will also cover the costs for injuries and property to someone else as well.
Directors and Officers (D&O) Liability Insurance
If you are part of any organization where you serve on their board as a director or officer, you will want to make sure it has Directors and Officers Liability Insurance. This insurance is made to protect you if you happen to be sued because of serving as a director or an officer of a business or organization.
If you have employees, you will need workers compensation insurance. This insurance helps cover medical expenses and lost wages for small business owners if an employee is injured or becomes sick. This coverage also includes rehabilitation services and death benefits.
If your client’s information is online, you need cyber insurance. If there is ever a data breach, you need cyber insurance. It is a coverage policy for your business’ liability in the event of a data breach that involves customer information. Cyber insurance covers you and your business just like car insurance covers you in an accident.
For a free review of your current insurance portfolio to make sure you have all the insurances you should have to protect you, your employees, and your company, give Rothenberger Insurance a call today, and ask for Ron.
All GRCA members have access to the Team of Experts. Request a free 30-minute consultation with either Ron Rothenberger or another expert.
If you are interested in joining the GRCA Team of Experts, please contact Jackie Stiles, Director of Membership at JStiles@GreaterReading.org.