Top 5 Insurance Conversations Every Business Owner Should Have
Top 5 Insurance Conversations Every Business Owner Should Have
No matter what type or size of business you are running, here are five important topics to discuss with your insurance agent this year.
- Annual Insurance Coverage Checkup
As your business evolves, your insurance needs change as well. Whatever stage your business is in, it’s critical to make sure you’re covered. Some changes might be obvious, while others might not make you think about insurance right away. In either case, it’s important to make sure you discuss all your insurance needs based on your business and budget.
An annual review of your insurance policies can identify any gaps and help you adjust coverage as your business changes and grows. From property to liability coverage to business umbrella coverage, making sure you have the right protection in place for your business’s unique needs is essential.
- Cybersecurity and Data Breach Protection
Cyber threats are on the rise across business size and industry. Your customers’ and employees’ data are sensitive, so it’s critical to evaluate your cybersecurity coverage. Cyber insurance helps protect against data breaches and cyberattacks, offering financial support for recovery efforts and legal costs.
- Workers’ Compensation
Your employees are the most important asset for your business. If someone is injured on the job, your business could suffer. But did you know that workers’ compensation requirements can change as your workforce grows or as roles evolve?
Workers’ Compensation helps cover medical care and lost wages for an employee who is hurt at work. In Ohio, Worker’s Compensation is provided and serviced through the state. Additional coverages related to Worker’s Compensation you may want to investigate:
- Employers’ liability insurance – Also called (Stop Gap) provides important protection in the event that you negligently cause a work-related employee injury that is not covered by workers' compensation. This coverage is added to the liability section of the commercial policy and is not very expensive.
- Company Vehicles and Driver Safety
Whether you rely on a single car or a large fleet of vehicles, commercial auto insurance is something most businesses need. Let’s face it, accidents can happen to even the most careful driver and these accidents can cost thousands or even millions of dollars.
If your business owns or leases vehicles, ensure your auto insurance policy reflects any new additions to your fleet. Keeping accurate records of the employees who drive company vehicles can help manage liability and control costs.
Commercial vehicle insurance for both owned and leased cars and trucks protects your business in many important ways including liability, damage, uninsured/underinsured motorists, and medical costs.
- Business Umbrella Insurance
No one wants to consider the possibility of a catastrophic claim. Yet these kinds of claims do happen and when they do, they have the potential to cause serious financial harm to your business.
Many business owners choose to protect themselves with extra business liability insurance. Business umbrella liability insurance provides an additional layer of coverage that gives you extra protection and peace of mind above and beyond your commercial general liability, professional liability, business auto liability and employer's liability insurance.
Talk with your Agent
Taking the time to review these key insurance considerations with your insurance agent can give you peace of mind and help ensure your business is protected against unexpected risks. Connect with our insurance team to assess and create a plan that supports your goals and keeps your business running smoothly.
Crosby Advisory Group, LLC is a registered investment advisor providing financial planning, insurance and business growth strategies. This blog is for information purposes and does not represent individual investment advice. Not all investments are suitable for all people. You should carefully consider all risks and fees before making an investment.
