BEST PRACTICES/INSURANCE BEST PRACTICES
BUSINESS INSURANCE: ONE SIZE DOESN’T FIT ALL
If you’re a business owner, you need insurance. But
how much and what type can vary greatly depending
on your type of business, resources, assets and specific
needs. So, what should you consider before purchasing
a business policy? Here are some risks and coverages
you will want to consider to find the right plan for you.
RISKS TO DATA AND CYBER SECURITY
Cyber predators prey on small- to mid-sized businesses
that often have fewer resources for protection. Nearly
every type of business today needs a cyber-liability
policy to protect against attack and theft. If your company
works with sensitive client data like taking payments
via credit cards, you need to be protected in the case of
a serious data breach. If your business relies heavily on
technology for operations, you might consider broader
cyber-insurance coverage in case a virus, ransom attack
or other technological problem causes a substantial
disruption to your business activity. There are a variety
of plans you can customize for your business.
RISK OF BUSINESS INTERRUPTION
If your production or services must be suspended
due to extreme weather, property damage, theft or a
natural disaster, would your business survive the loss
of income and the cost of repairing any damage? A
comprehensive business policy will help your business
to survive anything that comes your way.
MAKE SURE YOUR
BUSINESS IS FULLY
COVERED BEFORE IT’S
TOO LATE.
EMPLOYEE-RELATED RISKS
Most businesses are required by federal and state law
to have workers’ compensation, disability and unemployment
insurance to protect their employees. Make
sure you understand the specific requirements for
your type of business. And it’s a good time to discuss
optional coverages to give you peace of mind at night
as an employer.
Kathy Post is the owner and
CEO of Post Insurance in
Port St. Lucie. She has been
with the company since
she was a child when it was
founded in 1979 by her
father, Bob Post.
KATHY POST
RISKS TO PROPERTY
Property can include the location and building
you operate out of as well as equipment
and product. Different types of coverage will
cover damage or loss to your property for a variety
of reasons.
LIABILITY RISKS
Even if you’re just running a small business
out of your own home, it’s important to have
some type of liability coverage. If you, your
products or services cause harm or injury, or if
a client simply gets injured on your property,
liability coverage will help to pay costs associated
with that damage. For small businesses,
there are other specific types of liability coverage
(professional liability and product liability,
for example) that may make sense. v
TOP 5 INSURANCE QUESTIONS TO ASK
1. Could an employee embezzle from me? Do I
have coverage for this?
2. What if I’m hacked? Would I have coverage to
recover from a data breach?
3. Do I have enough General Liability coverage to
protect me if I’m sued?
4. If my employee runs an errand in their car on
behalf of the company and there’s an accident, am I
covered for that?
5. Do I have Business Interruption coverage in the
event I’m shut down due to a hurricane?
TCBusiness.com 49
/TCBusiness.com